Raleigh church teams with basketball coach, land trust to build affordable cottages
As Raleigh faces a growing housing affordability crisis, a local church is teaming up with a land trust and college basketball coach to fill the gap.
St. Michael’s Episcopal Church on Canterbury Road has invested $300,000 in the Raleigh Area Land Trust (RALT). The nonprofit, launched in 2019, serves low-income workers with a shared-equity model that keeps homes affordable in perpetuity.
Among its projects: the Cottages of Idlewild, Raleigh’s first affordable “cottage court,” at 907 E. Lane St. Developed in partnership with N.C. Central University basketball coach LeVelle Moton’s Raleigh Raised Development and Build, it secured $8.3 million from private donors this year. It’s expected to break ground in early 2025 and finish construction in 2026.
“Over the decades, we’ve made significant contributions to various housing projects,” the Rev. Gregory Jones told The News & Observer.
“After researching several possibilities, we felt RALT’s Idlewild project fit perfectly with our values as a Christian parish,” he said.
St. Michael’s is the first faith-based organization to invest in the trust. Other donors include the N.C. Realtors Housing Foundation, Wells Fargo Foundation, and Coastal Credit Union Foundation.
A community-driven project
Five years in the making, Cottages of Idlewild is part of Moton’s vision to preserve his historically Black neighborhood amid surging growth. (In ZIP code 27601, where the project is, the median sale price — mid-point where half cost less and half cost more —was $500,000 in October, Redfin found.)
The subdivision will bring 18 affordable homes to 1.7 acres of city-owned land, just around the corner from where Moton used to play pick up games at the local park and attend Boys & Girls Club.
Among the offerings: four rental units for residents earning 50% to 80% of the area median income. That’s roughly $41,850 to $68,560 for a single person and $61,150 to $97,840 for a family of four, according to the city’s website.
They’ve also earmarked 14 homes for sale to first-time homebuyers at or below 60% AMI (around $51,420 for an individual and $73,380 for a family of four).
However, it comes with a proviso. Buyers must agree to its community land trust model, under which the trust retains permanent ownership of the land. Buyers, in turn, lease the land at a nominal rate — around $50 a month — for a term of 99 years; and pay reduced property taxes.
Kevin Campbell, RALT’s executive director, said the partnership with St. Michael’s reflects a shared belief in fostering equity in Wake County.
He also hopes it gives other faith-based organizations an example of how to create sustainable change. “This partnership is a testament to the power of community-driven solutions to tackle the housing crisis,” he said.
This story was originally published November 25, 2024 at 12:38 PM with the headline "Raleigh church teams with basketball coach, land trust to build affordable cottages."
