Wilmington will loan Cape Fear Collective funds for permanent supportive housing development
Wilmington City Council voted unanimously at their meeting on Tuesday to loan almost $700,000 to Cape Fear Collective for the rehabilitation of a permanent supportive housing development.
The loan will be forgivable after 20 years. City officials said this will help ensure Cape Fear Collective sticks to its promise of providing the housing for at least that long at an affordable level.
Cape Fear Collective is a non-profit that launched several years ago, focusing in part on affordable and special needs housing.
The city is using funds from a grant for responding to the impacts of the coronavirus pandemic to supply the loan.
Community Development and Housing Planner Suzanne Rogers said rehabilitating the housing development, known as Driftwood, will have a big impact in the community.
“We know that there are people living in our community who need housing that they can afford and also need the supportive services," she said.
Driftwood will provide 15 units for people who are experiencing chronic homelessness and are disabled.
The units will be rented to people making less than 80% of the area’s median income. Renters won’t have to pay more than 30% of their income towards housing. Cape Fear Collective will provide up to $100,000 to cover any gaps in revenue.