Wake County Board Approves $35 Million for Affordable Housing
Industry Update
November 21, 2022
Source: wakegov.com
The mission to create more affordable housing in Wake County received another significant boost today after Wake County Board unanimously voted to appropriate $35 million from the county’s existing American Rescue Plan Act (ARPA) funds to address housing instability.
This appropriation was possible because the U.S. Treasury Department recently adjusted ARPA guidelines in an effort to spur the development of more affordable housing at time of rising rents. The new rules give counties more flexibility in using the rescue funds to address this critical national issue. Now, Wake County can use some of the $216.7 million in ARPA funds received in 2021 to finance additional building, repair or operation of long-term affordable rental housing.
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