Wake County Parade Of Homes Will Help Bring Affordable Housing To People
Posted September 29, 2005 11:20 a.m. EDT
RALEIGH, N.C. — One home in Raleigh that is on the upcoming Wake County Parade of Homes tour isn't just there to be coveted. Selling the house, which is in the Bedford subdivision in North Raleigh, will help moderate and low income people get affordable housing.
Builder Mike Golder said the home costs about $550,000, and he expects it to net $45,000. But Golder said he won't see a dime of the money.
"I think it's a good juxtaposition," Golder said. "The money from this house is going to then go and help somebody get into a more affordable house."
The North Carolina Realtors Association asked Golder to build the house for its foundation, Homes 4NC. The foundation will distribute proceeds from the sell of the house as grants.
"We ask the local associations to find a nonprofit organization in your local community that's working on an affordable housing project," Homes 4NC's Anthony Lindsey said.
Supporters said such efforts are important because, at a time of record growth and appreciation, so many North Carolinians still can't afford to get into a house in the communities where they live.
More than 300,000 North Carolina households spend more than half of their income on housing. A house is considered unaffordable if households must spend more than 30 percent of their income on housing.
That means a police officer, making on average yearly salary of $31,000, can afford only a $77,000 house. A preschool teacher making an average of just more than $17,000 a year can afford only a $43,000 house.
The average house price in the state is $204,000.
"We want those folks to be part of our community," Lindsey said. "We want to make it available to them to have home ownership as an option."