Raleigh giving away 1.17 acres downtown for affordable housing

[Brad Johnson]

Anybody know any good affordable housing developers in NC? A majority of the 10 units/acre (1.17 acres) would be for those making ~$44,000/year or less, which is roughly a $230k house according to affordability calculators. Lot of possibilities here.

[Chris Martin]

Originally posted by @Paul Nordhaugen:

I have not read the city RFI but there is an incredible need for affordable housing and 12 units is not going to scratch the surface. If they could do a 5 over 1 in  there like you are seeing everywhere for condos and apartments, it could help out more people and even add some retail space on the bottom to subsidize the development. Or how about that tiny home design contest Raleigh sponsored a year or so ago? Either would help more people get homes. 

The parcel is zoned R-10 so your suggestions fail zoning, density, and the neighborhood consistency and character tests. It may help to read the RFI. Regarding "If they could do a 5 over 1 in there like you are seeing everywhere for condos and apartments..." could you cite a single example of a 5/1 in Raleigh? I've never seen one. I don't think they are everywhere here. Certainly not in Idlewild or any Oakwood infills. 

Rant = ON

I managed property many years ago off N. Raleigh Blvd and frequently passed through Oakwood/Lane/Jones en route to greater NCSU property I also managed. I treated it like a little farm area, for those of you familiar with the term. I saw opportunity amongst the street dealing, prostitution, and property crime. While I am not a big fan of the city, I am ASTOUNDED at how this whole greater Oakwood/College Park area has transformed. For the most part, the city made this happen.  Not the infill project (the subject of this post) but the project bordered by Oakwood/n. Raleigh Blvd./St. Augustine. The capital infusion of city money was the catalyst for the gentrification of College Park. I am glad for the owners there and am somewhat pissed at myself for not buying there when I had the opportunity a decade ago. I saw it happen. I saw the South Park transition happen, too. I posted about it on BP 4 years ago. This area was as I said then, indeed a 'home run' for investors. 

In my investment career, I've realized you don't have to catch every opportunity. But it's better that you catch one every once in a while. The key is that you have the awareness that you have the opportunity. And my goal  is to position myself so that I can have that 'opportunity experience'. Most of the time I believe it is better to have the opportunity and fail than to not have the opportunity to fail. I have made my partners millions. I have done ok myself and only complain because I am self critical... because I could have persuaded my partners in the College Park and South Park opportunities. LOL!  Pitching is hard. It takes a lot of work and dedication. Kind of like the topic of this post. 

RANT = OFF

The people/organization winning this 'grant' will spend the effort to actually understand the affordable housing issues in Raleigh, in the context of the neighborhood and community as it relates to this opportunity.