FY 2025-26 Housing & Neighborhood Development Annual Report

HOUSING UNITS REHABILITATED 43 Numbers BY THE

UNITS UNDER CONSTRUCTION OR REHAB 244

UNITS IN PREDEVELOPMENT 361

HOUSING UNITS CREATED 52

Investments The Housing and Neighborhood Development leverages federal and state grants, local funds from the Nussbaum Housing Trust Fund, and housing bonds to invest in affordable housing production, housing services, and community needs. The City’s investments lower costs and improve affordability by replacing expensive bank debt with lower-cost and more flexible loans. The City targets most of its rental production units to households making less than 60% of the area median income - or less than about $50,000. This covers a range of entry-level and service-career wages, including new teachers, health aides, childcare workers, or restaurant workers, plus households living on disability or Social Security income. The department collaborates with state and federal funding sources such as the U.S. Department of Housing and Urban Development, NC Housing

Finance Agency, Federal Home Loan Bank, Veterans Affairs, and local philanthropic sources. The Interfaith Affordable Housing Initiative is expanding its efforts to identify resources. The group represents a variety of local faith communities concerned about housing advocacy and developing collaborative housing projects. Its members have seen early success with 61 units created at Yanceyville Place (2005 Mitchell Avenue) and 60 at Yanceyville Place II (3910 Yanceyville Place). Both projects involved City financing, and the Initiative continues to build more faith-developer housing partnerships. The City has also partnered with Self-Help Credit Union and the Institute Capital group to support housing projects through a public-private partnership loan pool.

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