With 17 new residents a day, Raleigh’s steady population growth and increasing land prices has limited the number of housing options for residents. Families earning lower wages are the most affected, especially those earning 80% and below of the Area Median Income (AMI).
To facilitate the production of more homes, the City of Raleigh began the East College Park project in 2017. As its name describes, East College Park is adjacent to St. Augustine’s University and is located just five minutes north of downtown Raleigh. The established neighborhood, rich with local history, has easy access to public transit, major employers, and the downtown corridor.
The goal of the East College Park project was to moderate residential home values, increase homeownership opportunities, and encourage community diversity. By using local and federal funds, new single-family homes and townhomes could be built on City-owned lots. The project fosters a mixed-income community, where 60% of the homes are income-restricted to serve low- and moderate-income households, and 40% have no income restrictions.
To date, 92 single-family homes have been built or are in the final stages of construction. Only a few lots remain, nearing the end of East College Park’s first phase of development.
A total of 86 homes have been sold to first-time homebuyers, 59 of which were sold to residents earning 80% AMI and below. Each home was designed to contribute to the historic fabric of the neighborhood, and the new homeowners selected the color of their three-bedroom, two-bathroom home.
"Young people now have an opportunity to grow up in a stable environment and families can look to grow generational wealth," said Council Member Corey Branch.
As a part of this development, Fisher Street Park has also been relocated and expanded to include a new playground, basketball court, walkways, and centralized mail kiosks. The park will be finished in July.
The second phase of East College Park will include the addition of townhomes. Once completed, a total of 150 new homes will have been added to the neighborhood. To learn more about the City’s affordable housing efforts, please see our Affordable Housing Goals.