Cash buyers are being seen more frequently as investors snap up properties at lower rates, according to several Raleigh realtors, but for those with more modest means other options exist.
If you make less than 50 percent of the Area Median Income (i.e. $27,200 for a household of one or $38,850 for a household of four) the City of Raleigh’s Affordable Housing Programmay present options for rental property. Home buyer and home repair options are also available, including the Citywide Home Ownership Program.
Shawn McNamara, program manager of the Raleigh Community Development Department, sees Raleigh as a special case. Even though there have been cuts in community development block grants and a drop in HUD’s home investment partnership funding, the city itself invests in affordable housing.
Raleigh’s last affordable housing bond was approved in 2005 and is in its last year of funding, but the council plans to put a $16 million affordable housing bond on the ballot this fall.
According to McNamara, “Not every city does affordable housing bonds but Raleigh has done three: in 1990, 2000 and 2005. Our city council supports them and the voters have approved them, which I think speaks pretty well of Raleigh.”