Cottages of Idlewild
18-unit CLT-LEHC development, Raleigh, NC — active case study
Stub
This is the closest North Carolina precedent for Wellspring. 18 units, CLT ground lease, city gap funding, built for approximately $145,000/unit, serving 30–80% AMI households.
What We Know
- 18 homes in Raleigh
- CLT ground lease structure (likely through Raleigh Area Land Trust or similar)
- City gap funding was part of the financing stack
- ~$145,000/unit construction cost — significantly below market
- Mix of AMI targeting
Open Questions
- Which CLT holds the land?
- What was the full financing stack (CDFI, HOME, CDBG, gap loan)?
- What’s the governance structure — self-managed co-op or third-party management?
- What’s the per-unit carrying charge and how does it compare to market rents?
- How long did pre-development take?
Why It Matters
Raleigh is directly comparable to Durham — similar market, similar land costs, similar political environment. If Cottages of Idlewild penciled at $145K/unit, that’s a realistic benchmark for what Wellspring could target. Their financing stack is a model to study before we approach NCHFA, Durham’s housing office, or Self-Help.
To Research
- Find the CLT partner
- Locate financing documents or public records
- Contact developer or property manager for lessons learned