Raleigh's pursuit of more affordable housing took a significant step forward, with the City Council's recent approval to support two major projects. The Raleigh Housing Authority (RHA) received the green light to issue bonds to finance the Burrell Lofts and Tryon Flats developments.
According to the RHA's request detailed by the City of Raleigh, bonds totaling up to $19 million for Burrell Lofts and up to $43 million for Tryon Flats can now be issued. Despite the Council's approval, which made it possible for RHA to facilitate more affordable living spaces, the Burrell Lofts previously received a $3,175,000 boost for development costs in April 2024.
Located strategically at 1400 Garner Road, Burrell Lofts is expected to provide 120 apartment units under the development of Wallick Communities. On the other end, Tryon Flats will be situated at 4020 Tryon Road, comprising 220 apartment units developed by Elmington Capital Group, which marked its first occasion receiving city funding.
A public hearing concerning these bonds was held on March 17, 2025, as part of the due procedure. In an explanation obtained from the same City of Raleigh news release, it was stressed that unlike conventional governmental bonds necessitating the City to cover the debt, the private activity bonds (PAB) utilized here have their repayment secured by the income generated from the housing projects themselves.
Cementing its commitment to tackling housing accessibility issues, the City Council, assisted by City staff, has been working systematically to put into place various integral measures. The approval of these bonds signifies yet another piece of Raleigh's broader affordable housing strategy.
