NC REALTORS® Housing Foundation donates $150,000 to support Cottages of Idlewild affordable housing development in Raleigh
RALEIGH, N.C. — On Tuesday, June 4, representatives of the NC REALTORS® Housing Foundation (NCRHF) presented Raleigh Area Land Trust (RALT) with a $150,000 check in support of the Cottages of Idlewild affordable housing project, making NCRHF the largest private donor to the project to date.
“The NCRHF is proud to advance our mission of providing affordable housing opportunities by supporting projects like the Cottages of Idlewild,” said Kentia Smith, NCRHF director. “The Raleigh Area Land Trust’s vision and project roadmap for the Cottages of Idlewild is an innovative approach to advancing housing affordability in increasingly expensive markets, and we can’t wait to see it come to fruition.”
“The mission of this foundation is to increase homeownership, and the Cottages of Idlewild helps the foundation increase homeownership for Wake County residents,” said Mark Lindsey, NCRHF 2024 president.
“This contribution from the NC REALTORS® Housing Foundation is a testament to the power of partnerships in tackling complex issues like housing affordability,” said Kevin Campbell, RALT executive director. “Their support enables us to build homes and foster community for our future residents. We look forward to seeing the positive outcomes this collaboration will bring to Wake County.”
The Cottages of Idlewild will be a cottage court subdivision, offering a range of affordable homeownership and rental opportunities for individuals and families at 50-80% of the area median income. The land will be owned by RALT, while residents will own the homes themselves, paying property tax only on the value of the home. The value and ownership structure creates an affordable path to home ownership in Wake County. The NCRHF $150,000 contribution enables RALT to build 18 condos instead of the originally planned 17.
The NC REALTORS® Housing Foundation is a charitable foundation that provides housing opportunities through education and community-based initiatives including disaster relief. The foundation promotes awareness of affordable housing issues by educating North Carolinians and their representatives about the barriers to homeownership and the resources needed to increase housing affordability. NC REALTORS® Housing Foundation is led by a volunteer board of directors composed of REALTORS® and housing-related industry professionals. For more information on the foundation or to support disaster relief and affordable housing needs, visit https://ncrealtorshf.org.
