Owning your own home is the cornerstone of the American dream. But for many people, this dream has become increasingly unattainable.

However, the city and nonprofits are taking a multi-pronged approach to provide affordable housing to those who need it most.

The Raleigh Area Land Trust (RALT) provides affordable housing for low- to moderate-income families throughout the city. The nonprofit buys the land and then sells the home to lower-income people.

“This model ensures that the property remains permanently affordable by taking the land out of the equation and also lowers the purchase price for the current buyer,” said RALT Managing Director Kevin Campbell.

Over a year ago, James Watson became the first person to buy a home through RALT. Despite working as a maintenance worker his entire life, he struggled to purchase a home of his own.

“I never thought I could afford one,” he said. “Everything worked out.”

In Raleigh, real estate prices and property values ​​have increased in recent years, and the City of Raleigh expects a property tax increase this year despite a lower tax rate.

However, because the land is owned by RALT, the nonprofit ensures that no one who buys their home has to worry about it.

“They only pay taxes on the building and not on the land. So they could save half of their property tax costs,” Campbell said. “That’s a big problem for families right now. And then the land trust would be responsible for the taxes on the land, but we’re a nonprofit, so we’re exempt from those taxes as well.”

RALT has sold two homes in Southeast Raleigh in 2023. There are currently 22 units in the development process, 18 of which are in Raleigh.

“They are right next to each other in southeast Raleigh,” Campbell said.

The trust ensures that all home buyers have to pay a token rent and face certain obligations and restrictions.

“My job is to maintain the land,” Watson said.

Monday is National Nonprofit Day, and Campbell said RALT appreciates any donations, as creating affordable housing is complex and expensive. For Watson, it’s not just about having peace in his home; it’s also about leaving a piece of it for the next generation.

“Like anything you build, you have to put it together,” he said.