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Wake County approves up to $17.875 million in gap loans to preserve and build 725 affordable units
Summary
The board approved staff recommendations to provide development loans for a slate of rental and homeownership projects (both LIHTC and non‑LIHTC) that staff said will produce or preserve 725 affordable units across Wake County, with long affordability periods in several projects.
Wake County commissioners on April 21 approved staff‑recommended gap financing for a package of affordable housing developments that staff said will create or preserve 725 units and leverage private and state tax credit funding.
Mark Perlman (introduced at the meeting as the county’s affordable housing development lead) presented staff recommendations for nine projects and one gap award across rental and homeownership categories. Staff said the county’s role is gap financing — to make projects financially feasible alongside Low Income Housing Tax Credit (LIHTC) equity, other public funds and private debt.
Key project recommendations and county loan amounts (as presented by staff): - Heritage Park Senior Phase 1B (Raleigh) — $500,000 loan; 51 senior units;…
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