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Wake County Affordable Housing Preservation Fund

In response to the rapidly rising cost of rental housing in the region, Wake County, the City of Raleigh, Truist, Wells-Fargo, First Horizon and Self-Help Ventures Fund have come together to preserve affordable housing across Wake County.

The Wake Affordable Housing Preservation Fund (WAHPF), administered by Self-Help Ventures Fund, provides financing for nonprofit and for-profit developers to acquire, refinance, rehabilitate, and preserve existing affordable multifamily rental housing in Wake County.

WAHPF gives developers the financing flexibility to acquire and hold affordable properties while assembling the long-term capital stack needed to lock in affordability for years to come.

$61.6M
Total Loan Fund
221
Units Preserved
20 yrs
Affordability Horizon
Eligibility

Eligible Projects

  • Existing affordable housing, whether Legally Binding Affordability Restricted Housing (LBAR) or Naturally Occurring Affordable Housing (NOAH).
  • Must be located in an incorporated municipality within Wake County or in unincorporated Wake County.
  • Preference for projects in areas of Economic Opportunity in Wake County.
Benefits

Benefits of the Fund

  • Advantageous bridge or mezzanine financing.
  • Savings that can be reinvested into affordability preservation.
  • Loans for acquisition, rehabilitation, refinancing, or preservation.
  • Access to in-house legal and real estate development expertise.
  • No prepayment penalty.
  • Low (1%) origination fee.
Project Spotlight

CASA's Grosvenor Gardens in Raleigh

Grosvenor Gardens, a 62-unit Naturally Occurring Affordable Housing (NOAH) property in Raleigh, NC, serves as an excellent example of WAHPF financing. Starting with a bridge loan to secure the property in 2022, nonprofit affordable housing developer CASA then refinanced with a permanent loan in 2025. Both loans were provided by Self-Help Credit Union, and both utilized WAHPF.

The project also draws on City of Raleigh and Wake County financing and includes 10 units supported through a partnership between Hope NC and Alliance Health to serve adults with intellectual and developmental disabilities — a sustainable and replicable model for inclusive, community-integrated housing.

Exterior view of Grosvenor Gardens
Exterior view of Grosvenor Gardens
Living room view of a Grosvenor Gardens apartment
Living room view of a Grosvenor Gardens apartment
Borrower:CASA, a Raleigh-based nonprofit affordable housing developer
Property:Grosvenor Gardens, Raleigh, NC
Size:62-unit Naturally Occurring Affordable Housing (NOAH) property
Affordability:51 units at 60% AMI, 7 units at 30% AMI, and 4 market-rate units
Inclusivity:10 units set aside for adults with intellectual and developmental disabilities
Financing:WAHPF Bridge Loan (2022): $7MM to support acquisition
WAHPF Permanent Gap Financing (2025): $3.5MM
Attention Developers and Aligned Professionals: Interested in Using the Fund?

If you're working on an affordable housing project in Wake County — whether at acquisition or looking for permanent financing — reach out to learn how WAHPF financing could fit your capital stack.

Wake County Bridge Financing

Bridge Financing for existing Affordable Housing

  • Term: Up to 5 years
  • Amounts: $250,000 to $7,000,000
  • 4.85% and 6.35% rates available
Wake County Mezzanine Financing

Permanent Mezzanine Financing for Affordable Housing

  • Term: Up to 15 years
  • Amounts: $250,000 to $10,000,000
  • 3.59% and 5.09% rates available
We encourage you to share this opportunity with qualified developers and partners. Download a printable (PDF) flyer about the program here. 

Partners

Creating more affordable housing in our communities requires creative collaboration among many organizations. WAHPF is a great example of what we can do when we work together.

WAHPF is a result of collaboration among the City of Raleigh; Wake County; Self-Help, who is the administrator of the fund; and our bank partners Truist, First Horizon and Wells Fargo.

Wake County logo

City of Raleigh logo

Truist logo

Wells Fargo logo

First Horizon logo