Financing for preserving Affordable Multifamily Rental Housing in Wake County, North Carolina
In response to the rapidly rising cost of rental housing in the region, Wake County, the City of Raleigh, Truist, Wells-Fargo, First Horizon and Self-Help Ventures Fund have come together preserve affordable housing across Wake County.
The Wake County Affordable Housing Preservation Fund (WAHPF), administered by Self-Help Ventures Fund, is a $61.6 million loan fund designed to keep nearly 3,200 units in Wake County affordable over the next 15 years.
WAHPF loans provide financing for nonprofit and for-profit developers to to acquire, refinance, rehabilitate and preserve existing affordable multifamily rental housing in Wake County.
Eligible Projects
- Existing affordable housing, whether Legally Binding Affordability Restricted Housing (LBAR) or Naturally Occurring Affordable Housing (NOAH).
- Must be located either in an incorporated municipality within Wake County or in unincorporated Wake County.
- Preference for projects located in areas of Economic Opportunity in Wake County.
Eligible Borrowers
- Nonprofit developers
- For-profit developers who are certified Minority/Women-Owned Business Enterprises (MWBE)
- For-profit, non-MWBE developers
- Borrowers must have recent, relevant affordable housing development experience
Benefits of the Wake County Affordable Housing Preservation Fund
- Offers advantageous bridge or mezzanine financing.
- Enables developers to save money that can be used to preserve affordability in housing projects.
- Loans can be used to acquire, rehabilitate, refinance or maintain affordable housing units.
- Access to in-house legal and real estate development expertise.
- No prepayment penalty.
- Low (1%) origination fee.
Partners
Creating more affordable housing in our communities requires creative collaboration among many organizations. WAHPF is a great example of what we can do when we work together.
WAHPF is a result of collaboration among the City of Raleigh; Wake County; Self-Help, who is the administrator of the fund; and our bank partners Truist, First Horizon and Wells Fargo.