Redevelopment - Moore Square East

The City of Raleigh is seeking a qualified development partner to develop affordable housing on approximately 1.8 acres of City-owned property east of Moore Square in downtown Raleigh, with responses due November 12, 2026 at 10:00 a.m. EST under RFQ format. Projects working within existing zoning and minimizing discretionary approvals are preferred.

Threshold qualifications require at least one 4% or 9% Low Income Housing Tax Credit project with Certificate of Occupancy in Raleigh since January 1, 2021; written acceptance of City gap financing and ground lease terms; an approved property management firm on the North Carolina Housing Finance Agency vendor list; and prior success completing a LIHTC project utilizing both City of Raleigh and Wake County gap financing. Proposers must also demonstrate financial viability through audited, reviewed, or compiled financial statements and provide a minimum of three professional references from comparable projects completed within the past five years.

The scope calls for a minimum of 100 units of affordable housing developed as a 4% LIHTC project, with at least one to ten percent of units set aside for City of Raleigh referrals and up to 30 percent restricted to households with disabilities or experiencing homelessness. The property is zoned DX-12-UG and DX-20-UG, permitting multifamily development at any density. The City will provide between $4 million and $8 million in gap financing on a construction-to-permanent basis with interest rates of zero to two percent and flexible terms (20, 30, or 40 years with deferred, monthly, or annual repayment). Proposers must also apply for additional gap financing from Wake County. The City retains fee ownership through a long-term ground lease at nominal rent, with a right of first refusal and a 12-month purchase option upon expiration of the LIHTC compliance period.

The anticipated timeline from award to ground lease execution and closing is approximately 12 months, with City Council approval anticipated for January 5, 2027 and pre-application submission to the North Carolina Housing Finance Agency targeted for January 2027. Questions are due October 9, 2026. A virtual pre-proposal conference was held October 7, 2026.