RALEIGH, N.C. (WTVD) -- Habitat for Humanity is buying land along Poole Road in Raleigh that was appraised for more than $650,000 but is getting it for less than the cost of a cup of coffee.
The agency purchased the land for $1. Yes, you read that right--1 dollar!
"It is a good deal and we are extremely excited that the City of Raleigh has chosen to partner with us in this way," said Habitat for Humanity Wake CEO Patricia Burch.
The new property is directly connected to a Go Raleigh Bus Depot and will offer residents a chance to use mass transit to get around town.
Habitat will be connecting the land to a much larger community called Old Poole Place.
Nancy Rapone moved into the neighborhood just two months ago.
"My coworkers are saying 'When are you going to have a housewarming?" she said.
The 65-year-old says she couldn't afford to buy in the Capital City if wasn't for the affordable housing project.
"(I'm) extremely thankful. I would not have been able to do this on my own," said Rapone.
Nine townhouses will be built on the newly acquired land.
Two of them will be for households earning up to 60 percent of the area median income, which is nearly $68,000 for a family of four. The remaining seven units will be for folks earning up to 80 percent of the area's median income.
On top of this, households would be eligible for up to $45,000 through the city's Homebuyers Assistance Program to help with a down payment.
"It is bringing to fruition a project that we've been working on for a long time and just to be able to serve more families is a dream," said Burch.
Habitat is working on finalizing design plans for the new units and hopes to break ground on the project in the next 18 months.
In October, the Wake County Board of Commissioners approved $3 million in funding to support the construction of this new affordable housing development along Cross Link Road. The City of Raleigh has also committed $3.1 million towards the project.