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128 SW Maynard Road/ Rose Park Manor
Beacon Communties, a senior housing development firm, is developing affordable senior housing at 128 SW Maynard Road.
About the development
Beacon will build 81 affordable units; all reserved for senior earning 80% of Area Median Income (AMI) or less. Beacon completed the rezoning process in 2022, have continued to move the project through the Cary’s development review process, and expect to welcome residents by early 2025.
Overview
- 81 total units, all be affordable to senior households earning less than 80% of the Area Median Income, “AMI” (See eligibility for more information.)
- The site is currently well serviced by local transit, is located adjacent to a commercial center and within walking distance of Cary’s Downtown.
Map
View our map here.
Partners
- Beacon Communities, a North Carolina-Based senior housing developer, is developing and will manage the property.
- Wake County is partnering to provide funding.
- Freddie Mac & Merchants Bank are partnering to provide permanent financing.
Eligibility
Eligibility for most affordable housing programs is determined by the Area Median Income (AMI), which is determined each year by the U.S. Department of Housing and Urban Development. For this development, all 81 of the units will be rented to senior households earning at or below 80% of the AMI. Rent prices are not fully determined until the end of construction and will vary by applicant income and household size.
This property is within the Raleigh-Cary Metropolitan Statistical Area or (MSA) which includes Wake, Johnston and Franklin counties. The Federal Government (OMB) delineates these areas based on population as well as social and economic interaction. The income numbers derive from the ACS- American Community Survey data and are the standard for defining affordability used by federal, state, and local governments. The current AMI thresholds for the Raleigh-Cary MSA are listed here.
Imagine Cary Community Plan & Housing Plan
This development furthers Cary Community LIVE Chapter Policies and Housing Plan Goals by:
- Providing more housing choices for seniors
- Supporting residential development on an infill site
- Encouraging and supporting the provision of affordable dwellings
- Providing the higher density, transit-oriented housing options in mixed use centers and along transit corridors
- Promoting walkability and connections to nearby commercial centers
Timeline
More information
If you are a prospective and interested tenant, please email Beacon Properties at ptheismann@beacon-nc.com. For general questions on the 128 SW Maynard Road / Rose Park Manor development, please contact Cary’s 311 center.