The city of Raleigh issued the following news release:

The Raleigh City Council voted unanimously at its May 6 meeting to provide low-interest loans to two new affordable rental housing projects.

Approved was $850,000 for Autumn Springs Apartments, a development of 48 apartment units for elderly residents with low incomes. Evergreen Construction is building the development at 3701 Eck Drive. Also approved was a $200,000 loan for Wakefield Manor, a development of 96 apartment units for qualifying elderly residents. In 2006, the City committed $1.2 million to Wakefield Manor, which is located at 10731 Common Oaks Drive in the Wakefield Plantation subdivision. The Downtown Housing Improvement Corporation (DHIC) is constructing Wakefield Manor.

The low-interest loans for the projects will be issued through the City's Joint Venture Rental Program. Under the program, loans are given to private developers to construct or purchase and rehabilitate affordable rental units for persons or families whose incomes are at or below 60 percent of the Wake County median. The loans consist of City and federal funds, and are combined with private financing and equity created by the federal Low Income Housing Tax Credit to provide the rental units.

Contact: Michele Grant, 919/857-4330.