Crosland Participates in Affordable Housing Panel

Aims to dispel the negative perceptions of affordable housing

Raleigh, N.C., May 27, 2009 – Crosland LLC, one of the Triangle’s leading real estate companies, last week participated in a Triangle Community Coalition panel to discuss the state of affordable housing and ways to increase its impact in a challenging economy. Dean Edwards, Crosland’s vice president of affordable housing, was joined by panelists from Chapel Hill Town Council, DHIC, K&L Gates and Garman Realty, where he discussed obstacles that real estate developers face in building affordable homes and ways to move forward. One of Crosland’s biggest obstacles is changing people’s perceptions.

“We need to break down the stigma of affordable housing, or we’re dead in the water,” said Edwards. “There is still a lot of ‘not in my backyard’ opposition usually based on old fears and misinformation. Our goal is to dispel the negative image of affordable homes and show people what is possible.”

Edwards showcased some of Crosland’s premiere affordable housing communities – Laurels of Junaluska in Waynesville, Dobbins Hill Apartments in Chapel Hill and Arbor Glen in Charlotte – to break down negative perceptions of affordable housing and foster positive images. Many of the company’s communities leverage a blended housing approach where affordable units look no different than market-rate homes and include full amenities like clubhouses, swimming pools and fitness centers.

“Thirty-eight percent of renters in North Carolina with incomes below the average median income spend more than half of their income on housing,” said Edwards. “We need to work together to break down the obstacles to affordable housing and make it widely available to the people who need it.”

Other obstacles cited in Edwards’ presentation include rising land and construction costs, as well as local zoning and regulation issues.

About Crosland LLC

Founded in 1937, Crosland is one of the most prominent diversified real estate companies in the Southeast and is recognized as a leading community builder. Its expertise in retail, multifamily, office, land development and general contracting enables it to be an innovator in multi- and mixed-use development.

Headquartered in Charlotte, N.C., Crosland has offices in Raleigh, Orlando, Tampa and Nashville, and develops, builds and manages properties in the Carolinas, Florida, Kentucky, Tennessee and Virginia. The privately held company’s portfolio and current projects have a market value exceeding $2 billion. For more detail, visit crosland.com.