Cheap lots in Winston-Salem, North Carolina

The General Assembly of the state of North Carolina, through the issuance of a new law, allowed the city of Winston-Salem to sell its large number of vacant lots so that its residents have the opportunity to own affordable housing. To achieve this, the city has been promoting its project by offering these lots for only $1 each to developers such as Glabex Consortium, LLC, and Liberty East Redevelopment.

The project proposed by the administration was accepted by Glabex Consortium, and in September, they acquired seven lots in the city. In addition to selling these properties at very minimal prices, the city also aims to assist developers in housing projects through financing.

To comply with the legislation, Winston-Salem’s administration recently granted Glabex Consortium $240,000 in funding to build eight single-family homes on these lots, with the city investing $30,000 per property. This funding comes from aid allocated to affordable housing initiatives that the city obtained for recovery after the pandemic.

As agreed, the planned homes must be completed by December 2026, and each will have an area of 1,300 square feet, with three bedrooms, two bathrooms, and a one-car garage. Their market value will be around $235,000, but they will be sold for $205,000.

To make the project affordable for residents, the city will offer 15-year down payment assistance loans to buyers, with part of each loan forgiven annually.

The city’s ultimate goal with this initiative is to build and have 15,000 units available by 2027, and to add 750 more affordable housing units annually, according to a 2020 city report on affordable housing.

Another way the city is promoting housing affordability is through financing organizations such as Habitat for Humanity of Forsyth County, which was supported in the construction of 13 single-family homes in the Happy Hill area. Habitat for Humanity is a non-governmental, non-profit organization that specializes in building or rehabilitating low-cost homes for low-income families.

Glabex Consortium’s upcoming homes are primarily targeted at first-time homebuyers; however, they are available to anyone who meets all the requirements.

The eight homes in the project will be sold to people with incomes at or below 80% of the city’s median income. According to a recent study, the median family income in Winston-Salem is $68,900. Therefore, a family of four with an annual income of approximately $55,100 would meet the eligibility requirements.

Available foreclosures:

Winston-Salem: 5 homes available.

By Elias DaSilva | September 23, 2024.