One of the City's partner organizations, Raleigh Area Land Trust (RALT), closed on its second home sale last month. The home, located in Southeast Raleigh, was sold to an income-eligible buyer through the Community Land Trust (CLT) model. This shared-equity model for homeownership keeps homes affordable across generations by ensuring that the home remains affordable for 99+ years.
The City provided RALT with a 0% interest, deferred payment loan for $130,000 in support of their work to preserve long-term affordability. The loan offered seed funding for acquiring and renovating two houses, which were then upgraded for sale to qualified low-income homebuyers following the community land trust approach.
It's such a surreal feeling after renting for 30 years to own my own home. I have accomplished a dream come true and I'm so proud of myself. Through RALT, I was able to purchase a home in my community where I work and was born and raised. I was a young single mother that worked two jobs and was in school most of my life. I left home at age 18 and started raising my son in the Chavis Heights public housing community. I went from living in public housing, to renting an apartment from a private owner, and now I have my own home and it feels amazing.Dumisha Binns, Homeowner
The City is continuing to partner with RALT to create and preserve affordable homeownership opportunities through the Cottages of Idlewild development. The City sold land to RALT for one dollar for the construction of 18 affordable homes.