North Carolina eVP #274-HCD-FY27-7

Affordable Housing Redevelopment at Moore Square East, Raleigh, NC

This opportunity invites qualified development teams to redevelop city-owned land at Moore Square East in Raleigh, NC for affordable housing. - Government Buyer: - City of Raleigh, Housing and Community Development Department - Project Scope: - Redevelopment of 2.88-acre site on the east side of Moore Square - Minimum of 100 affordable housing units required - Additional complementary uses encouraged (e.g., retail, community space) - Financing and Funding: - City offers $4M–$8M in gap financing - Proposers expected to seek additional funding from Wake County - Project must use 4% Low Income Housing Tax Credits (LIHTC) - Developer Qualifications: - Must have completed at least one LIHTC project in Raleigh since January 2021 - Must accept City terms for gap financing and long-term ground lease (City retains ownership) - Must use a property management firm approved by the North Carolina Housing Finance Agency (NCHFA) - Site and Design Requirements: - Must work within existing zoning - Maximize unit yield and integrate sustainability features - All parking must be accommodated onsite - Creative design for walkability and transit access - Compliance with City sustainability and stormwater guidelines - Notable Requirements: - Deep income affordability targets - Long-term affordability and compliance periods (20–40 years) - No specific OEMs or vendors named; open to qualified development teams

Description

This solicitation is a Request for Qualifications (RFQ) for the redevelopment of city-owned property at Moore Square East in Raleigh, North Carolina. The project aims to develop a minimum of 100 affordable housing units, with additional complementary uses encouraged. The City of Raleigh is offering between $4 million and $8 million in gap financing and expects proposers to seek additional funding from Wake County. The development should work within existing zoning, include sustainability features, and meet specific affordability and parking guidelines.

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