title
Resolution Authorizing the City Manager to Enter into an Agreement with Collective Impact in New Hanover County, Inc., for Gap Financing for Affordable Housing Rehabilitation Utilizing $824,652 of General Fund Committed from the Affordable Housing Fund Balance
body
Department:
Housing & Neighborhood Services
Meeting Date:
3/18/2025
Contact Name:
Gilbert Combs
Public Hearing:
No
Contact Phone:
910-341-5809
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Resolution
Attachment #2: Memo
PURPOSE:
The purpose of this resolution is to present for Council's consideration an application from Collective Impact in New Hanover County, Inc. ("Cape Fear Collective") for $824,652 from the City of Wilmington for a proposed scattered-site rehabilitation project for seven single-dwelling residential properties.
BACKGROUND:
Cape Fear Collective ("CFC") has applied to the City of Wilmington for $824,652 in funding to support Block by Block, a scattered-site development project for the rehabilitation of single-dwelling residential projects located at 1211 South 7th Street, 203 North 11th Street, 1315 Church Street, 416 McRae Street, 604 Queen Street, 1112 Queen Street, and 609 Swann Street (collectively, "the Properties").
Currently, CFC has a portfolio of over 80 properties that mostly span across the 1945 corporate limits area. After decades of ownership by landlords who failed to invest in routine maintenance and upkeep, the Properties are in serious disrepair. In addition to the request to the City of Wilmington for the rehabilitation of seven housing units, CFC has received $837,000 in grant funding from the New Hanover Community Endowment for the rehabilitation of other units in their portfolio.
CFC intends to keep four of the units as affordable rental units, and three units will be made available for purchase. Of the three properties for sale, two will be sold in the land trust model and will be put in trust at closing with the Cape Fea...
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