Wake County is launching a Housing Opportunity Fund with an initial $5 million to support affordable housing development. The fund will provide loans to help developers acquire sites and cover financing gaps for creating more affordable homes across the county, as per the Wake County government website.
The fund is structured as a revolving loan program, allowing repaid loans to be reused for new housing projects. It is intended to encourage development in neighborhoods with access to jobs, schools, transportation, and other essential services.
The Wake County is seeking an administrative partner to help raise additional private and philanthropic funds and manage the program. Proposals from interested organizations are due by October 8, and the partner will oversee the distribution of funds for affordable housing projects throughout the county.
