Submitted by RALT
RALEIGH – Raleigh Area Land Trust has sold its first home to a first-time homebuyer. The sale marks a significant milestone for the organization.
RALT’s mission is to create and preserve affordable housing for low- to moderate-income families in Wake County. It does this through utilizing a community land trust, a shared equity model for homeownership that keeps homes affordable across generations.
Community land trusts have been around as a successful model for affordable housing since 1970, yet have seen a renewed interest as housing prices have soared in recent years. RALT formed to bring the model to Wake County to assist with the area’s affordability crisis. This approach ensures the home remains affordable for 99-plus years and provides long-term stability for the community.
The home in southeast Raleigh is a newly remodeled three-bedroom, one-bathroom, single-family home. The homebuyer was able to purchase the home at an affordable price, thanks to the nonprofit's efforts to secure funding and subsidies from the City of Raleigh and individual donors.
"This is a momentous occasion for our organization and the community," RALT Interim Executive Director Rhett Fussell said. "We are proud to be able to provide affordable homeownership opportunities for families in Wake County, and we are excited to see the positive impact this will have on the community as we scale in the coming years."
Homebuyer James Watson is a veteran and lifelong Raleigh resident. "This has been a dream come true for me," Watson said. "I never thought homeownership would be possible, and I would be renting for the rest of my life, but thanks to RALT, I now have a place to call my own."
Watson has worked to maintain housing for others serving as maintenance supervisor for an affordable housing provider in the area for the last 2-1/2 years. He now has a place near where he grew up and close to family and friends.
"Homeownership can provide community stability, and assists individuals in the creation of generational wealth building, which is what we hope to achieve with the launch of our homeownership program," Fussell said. "We are committed to continuing our work to make homeownership a reality for more families in the future and working to break ground on our first multiunit development later this year."
RALT plans to preserve and make 100 affordable homes available over the next five years. To learn more, visit www.ralt.org.