SERP Draws One Step Closer to Delivering on the “Promise of Home”

After more than three years of planning, determination, and coordination, Southeast Raleigh Promise (SERP) is one step closer to delivering on the “Promise of Home”: we have officially closed on the financing for our first affordable housing development—a milestone accomplishment and a powerful step toward ensuring our neighborhoods remain a place for all while building pathways to prosperity. 

Once completed, the development will include 25 affordable rental homes for families and individuals who desire to call Southeast Raleigh home. The homes will be built across nine city-owned parcels located within walking distance of downtown Raleigh and will feature a mix of single-family homes, duplexes, and accessory dwelling units (ADUs). Households with incomes between 30% and 80% of the area median income will have access to quality, affordable housing close to transit, employment opportunities, and community amenities. 

Our funding partners include the City of Raleigh, which released the initial request for proposals, Wake County, and the Low Income Investment Fund (LIIF). Our partnership with LIIF was established through our affiliation with Purpose Built Communities, our national network partner. We are also grateful to the Tom Russell Foundation for its Program Related Investment (PRI) loan and to the Kenan Foundation for its capacity-building and program grant. 

Our project team—engaged from the start—includes Urban Trends as co-developer, TightLines Designs (architect), RBI (general contractor), and First Rate Property Management (leasing and management). The Banks Law Firm served as legal counsel, and we relied on guidance from the Real Estate Advisory Committee of our Board, technical experts from Purpose Built Communities, and local advisors whose expertise helped us get here. 

Construction is expected to begin in November, with leasing occurring in phases and final completion anticipated by the end of 2026. An official groundbreaking will be held in spring 2026, and the leasing interest list will open in the coming weeks. 

This effort reflects SERP’s role as a trusted community quarterback—aligning partners, residents, and resources to create stable, mixed-income neighborhoods where families can thrive.