City officials want to use $12 million from an affordable housing bond Raleigh voters approved last year to buy land or existing buildings for housing.
THE S&P IS DOWN 23 NASDAQ IS UP >> PROBABLY IS HIRING ITS OWN REALTOR. THE CITY WAS TO WORK WITH THE REAL ESTATE BROKERAGE FIRM TO FIND AN BUY PROPERTIES TO TURN INTO AFFORDABLE HOUSING. ONE OF THE AREAS WHERE THE CITY IS LOOKING FOR LAND, MATT? >> THAT IS BECAUSE WESTERN BOULEVARD HERE IS ONE OF THE SITES OF THE FUTURE TRANSIT STOP THAT WAY PEOPLE CAN GET TO THEM EASILY. ANYHOW CENTER AND MOLLY KNOWS THAT IT IS A VERY COMPETITIVE MARKET. THE CELL SIGNS COME DOWN AS CLOSE QUICKLY TO WHAT. >> BASES UP AND THE LIKE ABOUT THE TIME THEY GET TO LOOK AT IT, IT IS OFF THE MARKET. PATRICK DUNN IS THE DIRECTOR OF PLANNING AND DEVELOPMENT FOR THE CITY BUT JUST LIKE A HOMEBUYER, THE CITY IS A SHOPPING AROUND FOR A REAL ESTATE BROKER TO FIND LAND FOR FUTURE AFFORDABLE HOUSING OR PROPERTIES RIGHT FOR REDEVELOPMENT. >> IN ORDER TO STAY COMPETITIVE WITH THE MARKET AND WORK AT THE SPEED OF THE MARKET, WE NEED A REAL ESTATE BROKER PARTNER TO ASSIST US POINT >> RIGHT NOW 41% OF RENTERS AND 16% OF HOMEOWNERS AND WAKE COUNTY OR CONSIDERED COST BURDEN, MEANING THEY SPEND 30% OR MORE OF THEIR BUDGET ON HOUSING. THAT IS ACCORDING TO THE NORTH CAROLINA HOUSING COALITION LED BY SINGLE GOT THERE. >> THEY’RE GOING TO TRY TO FIGURE OUT HOW THEY CAN ENGAGE IN ACQUIRING THE PROPERTY TO MAINTAIN SOME LEVEL OF AFFORDABILITY. >> THE CITY HAS $2 BILLION TO BUY UP LAND BUILD THE AFFORDABLE HOUSING BY A BOND REFERENDUM. THERE HAVE BEEN HAVE A REAL ESTATE FIRM TO BRING ON BOARD BY THE END OF THE YEAR TO TAKE TO CITY COUNCIL POINT
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