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Cary Council Faces Affordable Housing Tradeoff | Durham News
Raleigh Housing Authority wants to buy Cary’s Amberwood at Lochmere, a 340-unit complex, to convert it into affordable housing—but they need Cary’s approval since they’re not based there. Town staff support the move, seeing it as aligned with housing goals, and the resolution won’t require Cary to buy or borrow money. The real dilemma? Property tax revenue—Cary and Wake County would lose out if the RHA gets its tax exemption, which is crucial for keeping rents low. Say no, and the RHA might still buy it without the exemption, but affordability could collapse. A tough call between community…
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