The following email was received from Cary Mayor Harold Weinbrecht in response to a request from Lochmere Association for information regarding the recent  Amberwood announcement:

"Thank you for contacting me. I apologize that this response is partially a cut-and-paste, but with the volume of emails I've received regarding Amberwood, it's the only practical way to respond to everyone.
I believe it's important to understand that several members of the council have made affordable housing their highest priority, and the council as a whole has identified it as one of its top priorities. From my perspective, the council is also responsive to public input. If you want to influence the decision, I encourage you to contact each council member directly to share your concerns and, if possible, attend the council meeting in large numbers.
As for my own position, I am always willing to listen to all sides of any proposal before making a decision. That said, I do have concerns about removing approximately $200,000 from the tax base to assist residents who already live in Amberwood. I also believe the property is likely to remain naturally affordable without this proposal. In addition, I have concerns about the long-term maintenance of the property under the RHA.
On the other hand, if the proposal is not approved and the RHA purchases the property through another avenue, the city could retain the tax base. Conversely, preserving affordable housing at this location for the next 30 years would provide meaningful support in addressing our community's affordable housing needs. These are all factors I am carefully weighing as I consider this proposal.
Here are the facts presented by staff:

Raleigh Housing Authority Request to Acquire Amberwood at Lochmere
Information Brief
July 13, 2026
The Raleigh Housing Authority (RHA) has requested that Council authorize it to operate within Cary's jurisdiction for the purpose of acquiring and preserving the affordability of Amberwood at Lochmere, an existing 340-unit affordable apartment community located at 100 Eclipse Drive. RHA is a state-chartered government entity created under North Carolina law to develop, rehabilitate, and operate housing for low- and moderate-income residents. A public hearing and Council action are required by state law before RHA can exercise its authority as a public housing authority within Cary's limits. The item is scheduled for consideration at the July 23 Council meeting, and a full staff report will be published on July 17.
About the Property
Amberwood at Lochmere is a garden-style apartment community originally
developed in 1991 and 1996, situated on 31 acres at the intersection of Southeast Cary Parkway and Piney Plains Road. The community offers one-, two-, and three-bedroom units, is 96% occupied, and is already serving low- and moderate-income Cary households. Its central location provides residents with convenient access to shopping, employment, schools, and GoCary transit service. The property is currently owned by Terracap Management LLC and is being marketed for sale. It has
no affordability restrictions in place.
Why This Property Matters
Amberwood at Lochmere is considered "Naturally Occurring Affordable Housing" (NOAH) — meaning it is not subsidized or deed-restricted and currently rents at rates affordable to households earning approximately 52% of the Raleigh-Cary Area Median Income (AMI), with an average rent of $1,510 per month. Properties like this represent the largest segment of affordable housing in most communities and are increasingly at risk.
In markets like Cary, where comparable rents are higher, a property is considered to have rent “headroom.” Properties of this type often face two likely outcomes:
• A private investor acquires the property, invests in renovations, and increases rents significantly — displacing existing residents and permanently removing affordable units from the community's housing supply.
• The property declines through deferred maintenance as owners realize gains without reinvesting, resulting in substandard conditions over time.
Since RHA is statutorily limited to serving low- and moderate-income households, their acquisition and planned renovation would stabilize the property to help prevent either outcome.
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What RHA Has Committed To
RHA has committed to the following:
• All 340 units will be restricted as affordable for low- and moderate-income
households with at least 51% of units maintained as affordable for low-income households.
• These commitments will remain in place for a minimum of 30 years.
• RHA is committed to minimizing rent increases over time to avoid displacing existing residents.
• RHA intends to invest in unit renovations as units naturally turn over.
Fiscal Considerations
The assessed value of Amberwood at Lochmere is $64,485,515, with a 2026 Cary municipal property tax of $219,250. Under state law (NCGS §157-26), property owned by a housing authority is exempt from taxation to the same extent as a unit of local government. It is therefore likely that Cary and Wake County will not collect property tax revenue from this property going forward. Council should weigh this against the higher cost of creating new residential supply and the community benefit of stabilizing 340 units of affordable housing for Cary residents over the next
30 years.
What Council Is Being Asked to Do
State law (NCGS §157-39.1(a)) requires that Council adopt a resolution authorizing RHA to operate as a housing authority within Cary before RHA can claim its statutory rights and tax-exempt status here. This is a procedural requirement.
Adopting the resolution:
• Does not make Cary a party to the acquisition or any debt incurred by RHA
• Does not obligate Cary financially in any way
• Does not constitute zoning, land use, or any other development approval
• Does not waive any Town ordinance or standard — RHA must comply with all Cary codes
To compete in the market, RHA asked that this request be considered by Council during the contract diligence period. If Cary declines to authorize RHA’s request, RHA could move forward with the acquisition but cannot claim rights as a public housing authority within Cary’s limits and would not be able to claim the tax exemption under the public housing authority framework. RHA has acknowledged this and informed Cary that the economics of the transaction make the property tax exemption a critical factor in maintaining continued affordability.
Policy Alignment
This request is consistent with several Imagine Cary Community Plan and Cary Housing Plan goals, including pursuing regional partnerships to meet housing needs, maintaining high-quality neighborhoods, encouraging the provision of affordable dwellings, and ensuring all Cary residents can enjoy the full benefit of Cary's high quality of life.
Thanks
Harold Weinbrecht
Mayor, Town Council
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