Penny for Housing Proposal

With its outstanding budget management, quality of life, and property values, Cary is exceptionally well positioned to meet the goals outlined in the Town's draft housing plan.

Cary residents have the highest median incomes of any NC municipality and the lowest property tax rate of all Triangle municipalities. Cary also has strong, stable and experienced County and nonprofit financing and development partners.

To accomplish the goals in the Town's draft plan, ONE Wake is proposing that the Cary Town Council commit to a “Penny for Housing” to create a designated housing reserve in each annual operating budget that is based on the value of 1 cent per hundred dollars on the $30.9 billion Cary tax base, or about $3.2 million.

These designated funds could be used for time sensitive opportunities, to attract and stabilize production by local affordable housing developers, and for housing services. Penny for Housing initiatives have been passed in all other major Triangle towns and cities and have a track record of creating and preserving hundreds of units of affordable housing in Chapel Hill, Durham, Raleigh, and Apex. 

A vote by the Town Council to designate this fund is to provide policy guidance to the Town’s staff as they prepare each year’s budget but it is not as inflexible as a debt obligation and it does not bind future elected officials.

Join us on November 11 to learn where Candidates for Town Council Stand on this Issue

ONE Wake is organizing a virtual, non-partisan session with candidates for Town Council on Thursday, November 11, at 7:00 pm. Please register in advance here.  

ONE Wake does not endorse candidates or political parties. We are glad to work with anyone who supports our agenda.

Resources

Cary Penny for Housing Flyer

Cary Penny for Housing Primer (Longform)