New Hanover County approves $2M investment to expand workforce housing

WILMINGTON, NC (WWAY) — The New Hanover County Board of Commissioners voted unanimously Monday to invest $2 million in workforce housing and create a new Workforce Housing Investment Fund aimed at expanding affordable rental options.

Commissioners approved a $2 million investment in Cape Fear Development at a lower interest rate, a move county officials say could help reduce market rents for future tenants.

According to the meeting agenda, the county’s 2025 Housing Needs Assessment found that rental housing continues to become less affordable, prompting county staff to explore new solutions. Representatives from Cape Fear Development later approached the county about a potential investment in an apartment community.

Commissioner Rob Zapple says the proposal offers meaningful relief for current and future county residents.

“You know, twelve years I’ve been a commissioner. We’ve never had a developer come to us with this kind of proposal. People will be able to get anywhere from five to six hundred dollars less market rate for a one bedroom apartment, and then going up into two bedrooms and three bedrooms as well. I just see this headed in the right direction, and I’m really pleased,” said Zapple.

As part of the approval, commissioners also established a Workforce Housing Investment Fund.

The county’s chief strategy officer said taxpayer dollars would be protected under the agreement and that the county’s initial investment is expected to be repaid within 10 years.