Local Politics
  1. Home
  2. US
  3. North Carolina
  4. Cary
  5. Issues

Amberwood at Lochmere Housing

At a glance

  • What: Resolution to authorize Raleigh Housing Authority (RHA) to acquire and preserve affordability of 340 mixed-income multifamily units at Amberwood at Lochmere (100 Eclipse Drive).
  • Where it stands: Tabled 5-2 on July 23, 2026. (Huang, Bush, Weinbrecht voted to table; Kohn-Johnson and Craig voted no, favoring the resolution.)
  • Property status: Current ownership: Terracap Management LLC (Florida investment firm), selling. Proposed: RHA through subsidiary Capital Area Developments, Inc.
  • Rents: Current units rent at 52% of area median income (AMI); RHA intends to preserve affordability for minimum 30 years.

Proposal Details

  • Units: 340 existing mixed-income multifamily dwellings
  • Tax exemption: Estimated $237K–$236K annually to Cary; $500K+ to Wake County
  • Term: Minimum 30-year affordability preservation
  • Rent preservation: RHA indicated rents would not remain at current levels but be set at specified percentages of AMI for portions of units
  • Current residents: Average income 52% of AMI; many are teachers, nurses, first responders, service workers; median resident age 31
  • Management: RHA intends to retain current management company, Greystar (under negotiation)

Public Hearing (July 23 Meeting)

Extensive public testimony: 144 written comments; 22 registered/nonregistered speakers (~17 opposed, ~5 supported, majority opposed to the proposal).

Opposition Arguments

  • Tax exemption ($237K annually) removes revenue while services still required
  • Loss of local control (RHA board appointed by Raleigh mayor, not accountable to Cary residents)
  • Property values concerns; estimated tax losses of $200K–$263 million over 30 years
  • Questions about covenants compliance and RHA governance
  • Residents worried about occupancy policies that could displace current residents
  • Concern about potential deterioration under capped rents
  • Rushed timeline (July 10 legal notice, July 27 RHA deadline)
  • RHA 2019 consent decree; crime concerns at RHA properties in Raleigh

Support Arguments

  • Affordable housing is stated community priority
  • Preserves naturally occurring affordable housing (80% of affordable units in Wake County)
  • Current naturally occurring status makes property vulnerable to displacement
  • Alternative is private investor could significantly raise rents or allow deterioration
  • Serves residents at 52% AMI (working families, educators, first responders)
  • Cost of $200K–$237K annually compares favorably to estimated $85 million cost to build 340 new units
  • RHA commitment to keep residents in homes; genuine intent to preserve affordability

Council Discussion

  • Mayor Weinbrecht: Supported resolution but concerned about rushed process (learned July 10, staff report July 13); suggested counting lost revenue against Town's affordable housing budget; future partners must work with public first.
  • Huang: Agreed timeline too rushed; insufficient information; issue was decision-making process, not affordable housing opposition.
  • Bansal: Noted Council's record supporting affordable housing; tabled due to compressed timeline and insufficient information; suggested Cary create its own housing authority; supported counting tax exemption against affordable housing funding.
  • Craig: Researched extensively since Tuesday; apologized for Council's past oversight; viewed $237K tax exemption as investment in affordable housing, not a loss; concerned about displacement of Amberwood residents; voted no (would support).
  • Kohn-Johnson: Strongly supports naturally occurring affordable housing and regional collaboration; believed RHA intent genuine; explained she opposed tabling because declining to hear it would be deciding by not deciding; supported public process; could not support based on merits and speed; voted no (would support if timeline allowed).
  • Bush: Made motion to table (failed 3-3 with Mayor absent); concerns about RHA governance and Cary's lack of board representation; statute-compressed timeline compared to rezoning; voted to table; did not have enough information.
  • Richards: Would vote yes; change of ownership inevitable if not to RHA; change is not Council's choice (current owner is selling); RHA ownership most likely to keep community the same; investment comparable to Rose Park Manor; cost less than new construction.

RHA Responses & Clarifications

  • RHA CEO: $2 million earnest money refundable, paid from RHA's unrestricted reserves (workforce housing and bond fees), no Raleigh tax funds used.
  • RHA board-authorized strategic plan to preserve affordable housing; selected from competing investors; access agreement signed ~June 12 triggered 30-day due diligence + 15-day extension; required July 27 decision; followed by 30-day closing (+ possible 30-day extension).
  • Regarding covenants: RHA had not yet consulted legal counsel; Attorney Glover stated purchaser generally subject to existing covenants but RHA should confirm with own counsel.

Sources

Log

2026-07-21 - Town Council Work Session

Motion to remove the July 23 public hearing from the agenda failed on a tie; the item stayed on the agenda (from auto-captions).

2026-07-23 - Town Council Meeting

Resolution tabled 5-2; motion by Huang, seconded by Bush. Kohn-Johnson and Craig voted no (supporting the resolution).