A 340-unit apartment complex in Cary has suddenly landed at the center of a regional housing fight, as the Raleigh Housing Authority asks Cary’s Town Council for permission to buy Amberwood at Lochmere on Eclipse Drive. The agency says the deal would help stabilize rents, preserve existing affordable units and keep the complex out of the hands of private buyers who might hike prices.
Council to weigh authorization at July 23 meeting
The request is on the council’s July 23 agenda as a public hearing and a proposed resolution that would authorize an out-of-town housing authority to “acquire and rehabilitate Amberwood at Lochmere,” according to the Town of Cary. Town staff stressed in their briefing that the resolution would not commit Cary to take on any debt or make the town a party to the sale, and local reporting has noted that council members could still vote no even while the Raleigh Housing Authority explores the purchase. WRAL reported details from the staff packet and early reaction from the community.
RHA frames the purchase as a rent-stabilizing move
The Raleigh Housing Authority says acquiring Amberwood would fit its mission to provide safe, affordable housing across the region and that the complex would serve low- and moderate-income households, per the agency’s own description of its work at the Raleigh Housing Authority. The authority also told reporters that “no changes would be made to the current property management or residents” and that it will be “respectful of Cary’s public process,” according to WRAL. The complex’s listing shows one-bedroom floor plans starting at about $1,286 a month for roughly 600 square feet, according to Amberwood at Lochmere.
Ownership and organizing
Industry coverage shows the complex was acquired in recent years by TerraCap Management LLC and remains under private ownership for now. That same multifamily industry coverage identifies TerraCap as the current owner. Meanwhile, local organizers, including faith and community coalition ONE Wake, have begun mobilizing residents and supporters to attend Cary’s meeting and push for long-term protections for naturally occurring affordable housing at the site. ONE Wake has posted event details and suggested talking points for advocates.
Tax exemptions and local budget questions
Town staff told council members that the financing for the deal hinges on a property tax exemption that housing authorities can receive under North Carolina law, and staff materials estimate the complex currently brings in roughly $219,250 a year in Cary property tax revenue. Those figures appear in the council briefing posted with the public hearing materials on the Town of Cary website. The state statute that authorizes certain nonprofit and public housing exemptions lays out how those rules apply to housing authorities, and staff noted that the availability of that exemption is central to whether the acquisition can be financed and kept affordable. The North Carolina General Assembly provides the text of the relevant statute referenced in the staff packet.
What happens next
Cary’s council is set to hold the public hearing during its July 23 meeting at Town Hall, where town staff, Raleigh Housing Authority representatives and residents can all weigh in on the record. If council members approve the resolution, the Raleigh Housing Authority would be authorized to operate in Cary and could move forward with acquiring Amberwood and carrying out planned renovations. The authority says its goal is to keep the property as affordable housing and avoid displacing current tenants. Observers will be watching the council packet, any conditions attached to an approval and future meeting minutes for the next steps from all sides involved.
