Raleigh City Council Considers $101.5 Million Affordable Housing Bond for Voters

Raleigh City Council members and staff debated Monday whether to send a $101.5 million affordable housing bond to voters, with city staff breaking the package into four specific funding streams: $57.6 million for Housing Development and Preservation, $21.5 million for Mixed-Income Housing Development, $12 million for Homelessness Response Initiatives, and $10.4 million for Homebuyer Assistance and Preservation.

The March 10 discussion was the latest in a series of housing-focused sessions that began February 10, when council held a work session and public comment meeting centered on housing affordability, rezonings and the city's long-term strategy. Councilor Mitchell Silver and Mayor Pro Tem Jane Harrison were absent and excused from that February session. City leaders also convened a joint meeting with Wake County Commissioners on February 17 at 6 p.m. at the Wake County Justice Center, focused on regional housing challenges and collaboration.

Staff modeling presented alongside the proposal suggested that increasing net new units by roughly 5.5% could be associated with a 7.9% drop in rents, figures summarized by The News & Observer that have become central to the debate over how large a bond the council should pursue. Staff argued that even the more modest $101.5 million package would meaningfully ease rent pressure across the city.

That argument has not quieted the push for something bigger. Citizen advocacy group Livable Raleigh is pressing council to place a $200 million bond on the fall ballot instead, arguing the city's housing crunch demands a large-scale investment, not a cautious half-measure. The group notes that Livable Raleigh's proposal would roughly double the staff-recommended figure and would concentrate new construction along transit corridors while preserving older, lower-cost apartments.

Council members are publicly divided. Lambert-Melton, Megan Patton and Christina Jones each indicated support for a $200 million bond at a recent ONE Wake event. Mayor Janet Cowell and council members Stormie Forte, Mitchell Silver and Corey Branch were more circumspect about committing to a specific dollar amount. Harrison, writing on her website, said she supports ONE Wake's affordable housing goals and will "recommend the $200 million bond."

ONE Wake, the coalition that organized an October gathering at which seven of the council's eight current members pledged to increase the city's affordable housing budget from $30 million to $70 million and reserve 100 acres of public land for affordable housing, has kept pressure on council since. INDY Week later issued a correction clarifying that those commitments were to support a future affordable housing bond referendum, not necessarily one appearing on the 2026 ballot.

The stakes are grounded in a stark regional shortfall. Wake County faces a shortage of roughly 60,000 housing units, a figure that ONE Wake leaders raised again at their recent event alongside a pointed reminder: Raleigh voters approved a $275 million parks bond in 2022 by a wide margin, establishing that the electorate is willing to back large, targeted investments.

Any bond package that council advances will require voter approval and could affect property taxes, a reality that is expected to shape campaign messaging as the fall ballot approaches. Public hearings and lobbying from developers, housing advocates and neighborhood groups are anticipated as council weighs whether to advance the staff's $101.5 million proposal, scale up to $200 million, or negotiate a middle-ground figure.

Community leaders connected to ONE Wake offered their read of where things stand. "I'm grateful that we're able to have those tension points in this space, knowing that we're going to continue to work, versus wringing our hands at home," said Lisa Yebuah, lead pastor at the Southeast Raleigh Table and ONE Wake member. Reverend Donna Coletrane Battle framed the path ahead plainly: "We will continue to press them where they said no, and continue to also work with them and imagine with them ways that we can turn that no into a yes.