In an effort to simultaneously combat the city's affordable housing crisis and promote public transportation, the Raleigh City Council recently green-lighted a significant investment to develop more affordable living spaces along the New Bern Avenue Bus Rapid Transit line. According to a social media post from the City of Raleigh - Government, council members authorized the allocation of $2.88 million from the 2020 affordable housing bond funds. This financial boost will empower Blue Ridge Atlantic Development to construct an approximate 120-unit affordable rental development, earmarked for low-income households.
The City's commitment doesn't stop at just providing monetary support; it's also offering prime land along one of its transit arteries at a nominal cost. The arrangement will see the City of Raleigh lease out a 3.91-acre site along New Bern Avenue to the developers for a mere $10 per year, extending up to an 80-year term. This strategic move aims to seamlessly integrate affordable housing with transportation infrastructure, to not only offer residents a stable place to live but to also readily connect them to greater opportunities.
