Increased Affordable Housing Opportunities in Raleigh and Wake County.
The Raleigh Area Land Trust creates permanently affordable homeownership opportunities for first-time homebuyers using the Community Land Trust model. Our investments protect neighborhoods from the affordable housing crisis by ensuring working families can afford to live in their community and by keeping homes in their community affordable for generations to come
What is the Community Land Trust Model?
The Community Land Trust (CLT) model is built to serve as a long-term steward of land to protect long-term affordability and access to housing. The CLT acquires land to build homes (or rehabilitates existing homes) and then makes the homes available for sale to limited-income homebuyers (60-80% of Annual Median Income) with subsidies lowering the purchase price.
The CLT will sell the home at an affordable price to an eligible, qualified homebuyer household but retain ownership of the land. In turn, the CLT leases the land to the homeowner through a 99-year, inheritable, renewing ground lease, conveying most rights and responsibilities available to traditional fee simple homeowners. To preserve the long-term affordability of the home, the lease limits the resale price of the home should the owner ever decide to sell. CLT homeowners agree to limit the amount of equity they will keep at resale so that the same opportunity and affordable price that was available to them can be made available to another income-qualifying household. Additionally, the CLT plays an active and ongoing role in assisting and supporting homeowners.
“RALT is a game changer for affordability in Raleigh because it allows us an opportunity to work collaboratively, to find a solution to making sure housing is affordable, and to ensuring our community members and families are not priced out. RALT is a market-based solution that provides an opportunity to really bend the cost of homeownership, permanently” — Courtney Crowder, Board Member