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Wake County commissioners approve $234,000 loan to Raleigh Area Land Trust for four Apex homes
Summary
The Wake County Board of Commissioners approved a loan of up to $234,000 to the Raleigh Area Land Trust to acquire four homes in Apex, authorizing the county manager to execute loan documents and making the awards contingent on municipal approvals and terms acceptable to the county attorney.
The Wake County Board of Commissioners voted to approve a loan of up to $234,000 to the Raleigh Area Land Trust (RALT) to acquire four homes in the Huxley and Prestwick subdivisions in Apex and preserve them as permanently affordable homeownership opportunities.
"Staff are recommending a loan of up to $234,000 to acquire these 4 homes," Housing and Community Revitalization staff member Alicia Arnold told commissioners during the board's single regular-agenda item. Arnold said the loan would be a 20-year, 1% interest, interest-only loan and that each completed home will be sold to RALT for $318,000 and sold to homebuyers at that same price.
Commissioners asked how the shared-equity model affects resale and household wealth. The RALT representative said the organization retains ownership of the land while homeowners own the improvements; the trust's shared-equity formula typically limits appreciation recipients to about 1.5% per year on the home's appreciation "so they'll have that equity," the representative said.
Commissioner Stallings moved the measure, which also authorized the county manager to execute necessary loan and regulatory documents; Commissioner Thomas seconded. The motion carried by voice vote. The board's approval is contingent on project terms acceptable to the county attorney and local land‑use approvals and permits.
The county and RALT said homebuyers will be able to access additional assistance (for example, programs from the North Carolina Housing Finance Agency and Wake County homeownership assistance) to help bring acquisition costs within the targeted 60–80% area‑median‑income bands. Staff said detailed shared‑equity split terms vary by development and that they will provide commissioners with specific split information on request.
Next steps include finalizing loan documents, satisfying the conditions stated in the board motion, and proceeding with the acquisitions if municipal approvals are obtained.
