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The Wake Weekly
Wake County approves loan for new affordable housing
By Reggie Ponder,
2024-06-04
Wake Board of Commissioners Chair Shinica Thomas
I n a significant milestone for Wake Count y’s affordable housing initiatives, the Board of Commissioners approved up to $910,000 to the Raleigh Area Land Trust to support the construction of the Cottages of Idlewild in downtown Raleigh.
The development will offer a mix of 18 affordable rental and homeownership duplexes to low-income families operating under the community land trust model. Under this model, the homebuyers will own the home but not the land on which it sits, meaning homebuyers will only pay property taxes on the home value and not the land value.
The units will be guaranteed affordable for 99 years. The home purchase assistance, below-market interest rate, low property taxes and the ability to pass the property to heirs will keep the cost of homeownership low, allowing home buyers to build generational wealth.
The Cottages of Idlewild will be situated on 1.17 acres of city-owned land selected through a competitive process in 2021. The Raleigh Area Land Trust will ensure the affordability of all 18 units for at least 99 years, with one rental unit set aside for Wake County’s Rental Assistance Housing Program clients.
Unit Breakdown
# of Units
Bedroom Size
Income Targeting
Estimated Mortgage Amount
4
2 bedrooms
50% AMI
$208,000 – $238,000
3
3 bedrooms
50% AMI
$238,000 – $265,000
4
2 bedrooms
60% AMI
$255,000 – $291,000
3
3 bedrooms
60% AMI
$291,000 – $325,000
Building Generational Wealth Through Homeownership
The Cottages of Idlewild will also provide four affordable rental options, with proposed rents ranging from $519 to $2,014.
The Raleigh Area Land Trust and its partners have raised significant funding via public, private and philanthropic organizations to support this project. Construction is expected to start in the fall of 2024, with the project taking approximately one year to complete.
For more information about how to buy a home through the Raleigh Area Land Trust, click here .
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