Investing for the Long Haul: Why Municipalities Should Rethink Affordable Housing Strategy

By Kevin Campbell
Executive Director, Raleigh Area Land Trust

In today’s housing market, public investments are being stretched to their limits. With the cost of land and construction at historic highs, it’s more important than ever to ensure that every public dollar invested in affordable housing delivers long-term value.

That’s what makes the community land trust (CLT) model so powerful.

At the Raleigh Area Land Trust, we’ve seen firsthand how shared equity housing can close affordability gaps and extend the life of public subsidies. When cities or counties help fund affordable housing, they want those homes to remain affordable—not just for the first buyer, but for generations to come. The CLT model ensures exactly that.

Right now in Wake County, families are being priced out of the housing market at record speed. Home prices have soared. Renters are stretched thin. And the supply of homes that working families can actually afford is shrinking year after year. Public programs are doing their best to keep up, but the scale of the problem is growing.

That’s why models that preserve affordability—not just create it—are so critical.

Earlier this year, Wake County and the City of Raleigh stepped up with a nearly $2 million investment in our Cottages of Idlewild development, a permanently affordable homeownership community in a historically Black neighborhood near downtown. That public support is helping create homes that will remain affordable decades from now.

It’s a different way of thinking about impact. Instead of subsidizing one buyer, CLTs create a system where that subsidy supports family after family. Over time, the public investment stretches further, reaches more people, and strengthens entire neighborhoods.

Affordable rental housing will always be essential. But we also need ways for families to build equity, lay down roots, and pass something on. CLTs offer that chance, especially for first-time buyers who have been locked out of the market for too long and a way to address the persistent racial disparity in homeownership rates.

For local leaders looking to make bold, lasting investments in housing, this model offers a smart path forward.

At RALT, we’re committed to ensuring that affordable homeownership isn’t just possible today—it’s protected for tomorrow. And we believe that’s a future worth building.