Cape Fear Collective is a nonprofit whose mission includes maintaining affordable housing in Wilmington. In 2021, CFC created Cape Fear Collective Ventures — the program uses private investments to renovate properties or buy units once they become available.
Live Oak Bank, First National Bank, and First Citizens are among the banks that contributed to the investment. CFC Interim CEO Meaghan Dennison said the new investment will allow Cape Fear Collective to continue providing affordable housing and also open opportunities for home ownership.
“Our goal is to help transition some renters into homeowners, if that's the path they want to take, but at a minimum, improve the housing stock and preserve affordable housing,” she said.
Cape Fear Collective also has a pilot called HOP, Healthy Opportunities Pilotin contract with Community Care of Lower Cape Fear. The program focuses on improving health outcomes and lowering healthcare costs in the areas of food, transportation, housing, and interpersonal violence — and can tap into Medicaid funding to do that.
Cara Stretch, who was recently hired as the new Director of Programs, says the pilot will help Cape Fear Collective understand the needs of the community better.
“I think this will end up being really valuable — how we use the data to influence user policy. We just know that these social determinants of health are so incredibly important, and actually improving the lives of our community members,” she said.
Cape Fear Collective currently has over $16 million in investments which translates into over 100 affordable housing units, with a majority in New Hanover County.
