Groundbreaking ceremony held for new subdivision being built in Memphis' Raleigh community

What’s happening: A groundbreaking ceremony attracted city leaders and community stakeholders to Memphis’ Raleigh community on Thursday, May 16, as guests celebrated construction crews working to build Epping Forest – a new subdivision coming to Raleigh. This isn’t your typical new subdivision, however, as the new homes are being built with first-time homeowners in mind.

What it is: The Epping Forest subdivision will include 58 single family homes and 12 condominiums. A unique partnership intends the Epping Forest subdivision to provide the Raleigh community a sustainable path to homeownership while serving as a blueprint for future developments to do the same.

The Epping Forest subdivision will include 58 single family homes and 12 condominiums.

Who’s behind it: The development is led by mortgage firm Anchor Financial Mortgage Services, the Healthy Transitions Development Group nonprofit corporation, and construction firm Beruk Properties Inc. The three are working together to ensure that Epping Forest will provide affordable housing in Raleigh while educating first-time homebuyers on the ins and outs of homeownership, and providing residents the opportunity for financial empowerment.

Why it’s important: While becoming a first-time homebuyer can be difficult for just about anyone, it’s especially so for the Black community. The development team is designing Epping Forest with the majority Black population of Raleigh in mind. Anchor Financial is committed to low rates and terms, Health Transitions provides expertise in financial education and affordable housing, and Beruk Properties has experience in building community-focused projects. 

It’s a pressing concern. According to a 2023 report from the National Association of Realtors, “Black and Hispanic applicants experience higher denial rates for mortgage applications compared to their white and Asian counterparts. Data shows that mortgage applications were denied at a rate of 26% for Black and 22% for Hispanic applicants, in stark contrast to the 16% for white and 15% for Asian applicants.”

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