A major affordable housing project is moving forward in Raleigh after developers officially secured financing for a new 200-unit apartment community that aims to expand housing options in one of North Carolina's fastest-growing regions.

The development, known as Chapanoke, will be built at 326 Chapanoke Road through a public-private partnership involving Harmony Housing Affordable Development, Gilbane Development, F7 International Development, Wake County, the City of Raleigh, and Wake Technical Community College. The project will provide affordable apartments for households earning 30% to 70% of the Area Median Income (AMI), helping address the growing demand for workforce housing in Wake County.

The nearly $93 million development is being financed through a combination of public and private funding, including Low-Income Housing Tax Credit equity, private financing, and local government support. Wake County also contributed the project site and $7.1 million in gap financing, underscoring the region's continued commitment to increasing affordable housing as population growth places additional pressure on the local housing market.

Construction is expected to be completed in early 2028, delivering a mix of one-, two-, and three-bedroom apartments along with community amenities designed to support families and working residents. The location, adjacent to Wake Tech's Public Safety Education Campus and the planned Southern Wake Bus Rapid Transit corridor, was selected to provide residents with convenient access to education, workforce training, employment opportunities, and future public transportation.

The announcement comes as Raleigh and the surrounding Triangle continue to face rising housing costs driven by strong job growth and steady population gains. Local governments have increasingly turned to partnerships with private developers to expand the supply of affordable housing while preserving access to jobs and essential services.

Housing advocates say projects like Chapanoke are becoming increasingly important as many teachers, healthcare workers, first responders, service employees, and other essential workers struggle to find housing near where they work. By combining affordable housing with transit access and educational resources, officials hope the development will create long-term opportunities for residents while supporting the region's continued economic growth.

The project represents one of the largest affordable housing developments announced in Wake County this year and highlights North Carolina's ongoing effort to increase housing supply through public-private partnerships. As development continues across the Triangle, similar projects are expected to play a key role in addressing affordability while supporting the region's rapid growth.