PHA code NC002 · Large PHA · North Carolina
Housing Authority of the City of Raleigh
Housing Authority of the City of Raleigh has closed 4 RAD conversions covering 193 public housing units, with 13 more (1,018 units) between CHAP and closing. It still has 1,248 public housing units in 12 projects that HUD's May 2026 rents tool prices for RAD.
- Converted 193
- In the pipeline 1,018
- Still public housing 1,248
Of the closed deals, 4 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 0 used low-income housing tax credits and 0 carried FHA-insured debt.
Conversions
| Development | Type | RAD units | Status | Closed | Tax credits | FHA | Hard cost / unit |
|---|---|---|---|---|---|---|---|
| Capital Park (hope VI Construction)new construction | PBV | 60 | CHAP awarded | CHAP 2026 | Both | ||
| Carriage Housenew construction | PBV | 101 | CHAP awarded | CHAP 2026 | Both | ||
| Chavis Heights Townhomesnew construction | PBV | 86 | CHAP awarded | CHAP 2026 | Both | ||
| Walnut Terracenew construction | PBV | 145 | CHAP awarded | CHAP 2026 | Both | ||
| Stonecrestnew construction | PBV | 42 | CHAP awarded | CHAP 2026 | Both | ||
| The Oaksnew construction | PBV | 50 | CHAP awarded | CHAP 2026 | Both | ||
| Birchwood/eastwoodnew construction | PBV | 96 | CHAP awarded | CHAP 2026 | Both | ||
| Kentwood Toa A: To Duplex Villagenew construction | PBV | 35 | CHAP awarded | CHAP 2026 | Both | ||
| Kentwood Toa Bnew construction | PBV | 36 | CHAP awarded | CHAP 2026 | Both | ||
| Kentwood Toa Cnew construction | PBV | 18 | CHAP awarded | CHAP 2026 | Both | ||
| Mayviewnew construction | PBV | 61 | CHAP awarded | CHAP 2026 | Both | ||
| Glenwood Towers Toa A: To Heritage Parknew construction | PBV | 51 | CHAP awarded | CHAP 2025 | Both | ||
| Glenwood Towers Toa Bnew construction | PBV | 237 | CHAP awarded | CHAP 2025 | Both | ||
| Meadow Ridge | PBV | 59 | Closed | Oct 2022 | $790 | ||
| Terrace Park | PBV | 45 | Closed | Oct 2022 | $728 | ||
| Valleybrook | PBV | 49 | Closed | Oct 2022 | $1,356 | ||
| Berkshire | PBV | 40 | Closed | Aug 2022 | $1,196 |
Still public housing: 2026 RAD rents
HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across NC002's remaining units that averages $984 a month, against a weighted PBV cap of $2,007 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries.
| Project | Units | 2026 RAD rent | PBV cap | PBRA cap | 60/40 blend | Rent check |
|---|---|---|---|---|---|---|
| Glenwood Towers NC002000006 | 288 | $944 | $1,713 | $1,869 | $1,441 | Debt |
| Walnut Terrace NC002000040 | 145 | $766 | $1,858 | $2,027 | $1,346 | Debt |
| Heritage Park NC002000012 | 122 | $1,158 | $2,242 | $2,445 | $1,788 | Debt |
| Scattered Site NC002000038 | 108 | $973 | $2,437 | $2,658 | $1,690 | Debt |
| Carriage House NC002000015 | 101 | $925 | $1,688 | $1,842 | $1,415 | Debt |
| Birchwood / Eastwood NC002000018 | 96 | $1,093 | $2,218 | $2,419 | $1,703 | Debt |
| Kentwood NC002000007 | 89 | $1,240 | $2,358 | $2,572 | $1,890 | Debt |
| Chavis Heights Townhomes NC002000039 | 86 | $815 | $1,846 | $2,014 | $1,348 | Debt |
| Mayview NC002000011 | 61 | $1,062 | $2,094 | $2,284 | $1,620 | Debt |
| Capital Park (HOPE VI Construction) NC002000036 | 60 | $872 | $2,004 | $2,187 | $1,449 | Debt |
| The Oaks NC002000010 | 50 | $1,187 | $2,323 | $2,534 | $1,859 | Debt |
| Stonecrest NC002000021 | 42 | $1,047 | $2,112 | $2,304 | $1,623 | Debt |
Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.
Financing the next one
Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.
Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.
Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.