The Lochmere Homeowners Association Board of Directors met with Bella Huang, TOC District C Council Person, Scott Berry, Assistant TOC Manager, and Heather Whelehan, Cary Planning and Community Development Director. The purpose of the meeting was to review the Resolution authorizing the Raleigh Housing Authority to acquire and rehabilitate Amberwood Apartments in Lochmere.
The Town of Cary personnel presented the benefits that Cary would gain; this is a partnership with Raleigh to provide affordable housing in Cary and Wake County. The LHOA Board asked many questions to determine answers to these primary issues:
- Transparency- A total of two weeks was allotted from the announcement of this resolution to a vote to approve it on 7/23/26. Although NC State communication requirements were satisfied, this has the unsettled appearance of a rushed-through resolution.
- Benefit to Cary- There are no guidelines that direct Cary residents to have any priority on unoccupied rental units. RHA has full freedom to select whomever they want to obtain a unit at Amberwood.
- Financial considerations- The result of this resolution is a 30- year exclusion from property taxes to Cary and Wake County. Cary collected $237,000 of property taxes in 2026. The loss of this revenue to Cary at a compound growth rate of 5% (Property taxes have grown a total of 60% to 100% over the past 10 years. this corresponds to compounded growth rates of 4.2% to 7.2%) over the 30 years of the exclusion is $15,748,000. We requested Cary to provide a plan to backfill this large revenue loss. Cary services (Police, Fire, Schools, and more) will still need to be provided to this property.
The meeting was an exchange of Cary's interest in providing affordable housing. The LHOA Board questioned the process to ratify this resolution, benefits to Cary, and the overall cost to Cary.
The following is reprinted from the TOC webpage regarding this subject on the Cary agenda:
"Public Hearing for a Resolution Authorizing Raleigh Housing Authority to Acquire and Preserve Mixed-Income Housing in Cary
Speaker: Heather Whelehan, Planning and Community Development
Executive Summary: The Raleigh Housing Authority (RHA), a government entity created under NCGS Chapter 157 that develops and rehabilitates housing reserved for low- and moderate-income residents, has requested that Cary authorize it to operate in Cary for the purpose of acquiring and preserving the affordability of 340 existing mixed-income multifamily dwellings at the Amberwood at Lochmere property located at 100 Eclipse Drive. The property owner, Terracap Management LLC, is selling the unrestricted, below-market property, which rents, on average, at rates affordable to households with incomes at 52% of the area median income (AMI). RHA has initiated an offer to purchase the property and intends to retain it in its expanding regional portfolio. RHA would continue operating the property for the existing Amberwood residents and preserve the long-term affordability for low- and moderate-income households for a minimum term of 30 years. State law authorizes RHA to operate within Cary upon resolution of Council. Council’s adoption of a resolution is only a procedural requirement that does not bind Cary as a legal party to the acquisition or any debt incurred by RHA and does not constitute approval of the development for any other purpose that may require consent or approval from Cary. RHA would still be required to maintain the property in accordance with all Cary ordinances and standards.
Recommendation: That Council adopts the attached resolution authorizing RHA to operate in Cary for the purpose of acquiring and maintaining affordability at Amberwood at Lochmere, 100 Eclipse Drive."
If you haven't already done so, the Board encourages all interested residents to submit comments or questions to the Cary Town Council using the methods outlined in the attached notice.
The LHOA Board respects the opinions of all Lochmere residents and strongly encourages all to considering attending the Public Hearing on Thursday, July 23, 2026, following details in the original meeting notice attached below.
 7-23-2026 TOC Amberwood Meeting | [ ] |
