$500,000 joint venture for affordable housing in Lee County
WILMINGTON, NC (WWAY) –Dogwood State Bank, Brick Capital Community Development Corporation (Brick Capital) and Cape Fear Collective (CFC) are partnering on a $500,000 venture to build single family homes in Lee County.
Dogwood State Bank earmarked $500,000 through its partnership with CFC to construct new affordable housing with Brick Capital in the Sanford, N.C. area.
This will be a five-year commitment and will allow for the construction of more than 30 homes. This is the first time CFC has deployed capital outside of the Cape Fear region.
“Dogwood is excited to partner with CFC on providing affordable housing in Lee County,” said Steve Jones, Dogwood State Bank CEO. “As a community bank headquartered in North Carolina, we are dedicated to supporting our communities and providing invaluable resources that extend beyond traditional banking opportunities. This partnership further solidifies our commitment to making a difference in the communities that we serve throughout North Carolina.”
Brick Capital strives to increase wealth in individual families and the greater community by creating new affordable housing stock for low-to-moderate income families and developing and creating supportive housing for people with disabilities and victims of domestic violence and sexual assault.
Meaghan Dennison, CFC’s interim CEO, said partners like Brick Capital that are on the frontlines of building, preserving and supporting affordable housing are ideal partners for Cape Fear Collective’s social impact investments.
Brick Capital has been working on developing a whole subdivision and acquired a 16-acre site from the City of Sanford through purchase and donations.
The site will include 45 single family homes as well as a 16-unit apartment complex for supportive housing. Grading and site preparation for the project is expected to begin this summer with construction slated to start in the fall.
The joint venture will be governed by a management committee comprised of Dennison, Bashaw and a third member approved by both CFC and Brick Capital.
The Management Committee will assist in the oversight of the deployment and tracking redemption in five years. The $500,000 will replenish after each house sale to provide future investment in other projects or to fill funding gaps related to affordable housing in Lee County.
The houses built through the program will be sold significantly below market rate and will benefit families below 80 percent of Sanford’s area median income of $61,000.
Brick Capital can also assist qualified buyers with up to $30,000 in down payment assistance through the North Carolina Housing Finance Agency’s Community Partners Loan Pool program.