{"id":5037,"date":"2026-07-20T14:06:17","date_gmt":"2026-07-20T14:06:17","guid":{"rendered":"https:\/\/durhammovinghub.com\/?p=5037"},"modified":"2026-07-20T14:06:17","modified_gmt":"2026-07-20T14:06:17","slug":"raleighs-sub-1000-rentals-are-vanishing-this-new-project-offers-a-small-fix","status":"publish","type":"post","link":"https:\/\/durhammovinghub.com\/?p=5037","title":{"rendered":"Raleigh\u2019s sub\u2011$1,000 rentals are vanishing. This new project offers a small fix"},"content":{"rendered":"

AI-generated summary reviewed by our newsroom.<\/p>\n

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For 68-year-old Wayne Horton, Biltmore Hills<\/a> is where he grew up and later returned as an adult to live out his retirement. It\u2019s also one of the last pockets of truly affordable housing in Southeast Raleigh.<\/p>\n

Read more Other schools tampered to lure CJ Bailey out of Raleigh. Why he stayed with NC State<\/a><\/p>\n

Now, as redevelopment pressures intensify across the city \u2014 especially along Garner Road and near I\u2011440 \u2014 a nonprofit developer is preparing a $4.7 million renovation to preserve the aging 50-unit complex and keep current residents like Horton in their homes.<\/p>\n

Preservation of Affordable Housing<\/a> (POAH), a Boston-based nonprofit, recently closed on financing and began work last week.<\/p>\n

\u201cPeople in this neighborhood deserve to have better housing,\u201d Horton said from his living room Thursday morning while he packed up boxes to prepare for the upgrades. As the city\u2019s sub\u2011$1,000 rentals disappear, \u201cthere\u2019s completely almost no affordable housing anywhere for people like us,\u201d he said.<\/p>\n

The project lands at a moment when Raleigh has lost tens of thousands of naturally affordable units<\/a> \u2014 and when older multifamily buildings<\/a> across the Triangle are being demolished, repriced or redeveloped. Most new units enter the market at $1,600 and above, far out of reach for many working families. The result is a structural affordability crisis that disproportionately affects Black and Latino households \u2014 and leaves few options for residents who rely on older, lower\u2011cost rentals like the Garner Road duplexes.<\/p>\n

Biltmore Hills was developed between 1959 and 1970 as a single\u2011family subdivision for Black homeowners in Southeast Raleigh. Built under the Low\u2011Income Housing Tax Credit program (LIHTC) \u2014 the federal incentive that trades tax breaks for long\u2011term affordability \u2014 it\u2019s one of several neighborhoods created during the pre\u2011Civil Rights era to give Black families access to homeownership when racial covenants and lending discrimination blocked them elsewhere, according to city archives<\/a>.<\/p>\n

However, by 2024, it was nearing the end of its 30\u2011year covenant and was at risk of being flipped to market\u2011rate. Instead, POAH stepped in and purchased the 7-acre property at 2227 Garner Road for $6.5 million, according to property records<\/a>.<\/p>\n

Given the age of the buildings and the deterioration of major systems, POAH says it plans a comprehensive renovation: replacing roofs, windows, doors, kitchens, bathrooms, flooring, appliances, lighting, and HVAC systems.<\/p>\n

\u201cThis is [our] first acquisition in North Carolina,\u201d said POAH president Aaron Gornstein, in a release. \u201cWe look forward to partnering with the city and county and local groups working to preserve this community and expand affordable housing in the state.\u201d<\/p>\n

Read more Craig Melvin Absent From ‘Today’ Show Following Incident With Intruder<\/a><\/p>\n

The financing package reflects the complexity of preserving naturally affordable units. It includes 4% Federal LIHTC credits allocated by the North Carolina Housing Finance Agency<\/a>; gap funding from the City of Raleigh and Wake County; permanent lending from the Self\u2011Help Ventures Fund<\/a> and the Wake Affordable Housing Preservation Fund<\/a>; tax\u2011exempt bonds from the Raleigh Housing Authorit<\/a>y; LIHTC equity from the National Equity Fund<\/a>; and construction financing from First National Bank<\/a>.<\/p>\n

Maryland-based Hamel Builders<\/a> will lead the project. The Raleigh Housing Authority has provided project\u2011based vouchers to ensure rents remain accessible to current residents.<\/p>\n

Because the complex is fully occupied, POAH says it will work closely with residents to limit disruptions. Once the renovation is finished, it will offer on\u2011site services such as job search support, education programs and financial\u2011literacy resources.<\/p>\n

Between 2017 and 2022, median rents in Raleigh climbed 37%, according to American Community Survey data used in the city\u2019s 2025 Affordable Housing Plan<\/a>.<\/p>\n

Meanwhile, the share of rentals under $1,000 collapsed from 55% in 2016 to just 10% in 2024.<\/p>\n

In eight years, Raleigh has lost roughly 35,000 naturally affordable units, a decline driven by rising land costs, redevelopment pressure, and a population that grows by about 10,000 new residents each year.<\/p>\n

It\u2019s a Triangle-wide problem, though the pattern varies by city. Chapel Hill has already lost most of its NOAH, a result of decades of high land costs and limited supply. Durham still has older garden\u2011style apartments, but they\u2019re rapidly being redeveloped<\/u> as rents climb and demand<\/u> surges.<\/p>\n

Read more NC House shuts down plans for liquor warehouse after construction dispute goes public<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A $4.7M renovation by POAH will preserve 50 occupied Biltmore Hills units on Garner Road, keeping rents accessible as Raleigh loses naturally affordable housing.<\/p>\n","protected":false},"author":1,"featured_media":5036,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-read-todays-edition"],"yoast_head":"\nRaleigh\u2019s sub\u2011$1,000 rentals are vanishing. 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