Penny For Housing

June 10, 2016

Raleigh City Manager Ruffin Hall recently took a bold and much needed step to allocate $5.7 million dollars in the City’s Fiscal Year 2017 budget to support the production of an additional 125 units of affordable housing.  We applaud the Manager for taking this action to support City Council’s stated strategic priority to expand affordable housing production.

Affordable housing in Raleigh and throughout Wake County is reaching a crisis level with our strong population growth and rapidly escalating market rental rates.  It is important to act quickly before land and development costs continue to rise and while interest rates remain historically low.

To fund this budget allocation, the City Manager has proposed an additional one cent added to the property tax rate which will provide a sustainable source of funding going forward.  This additional “Penny for Housing” will add approximately $20 per year to the tax bill for the owner of a median priced home in Raleigh.

Raleigh City Council will vote to approve the budget at their meeting on June 21.  We encourage you to take action by letting council members know that you support their action for affordable housing and the one cent addition to the property tax rate.

Raleigh City Council members are listed below: