Rehabilitated Wilmington home listed for sale through affordable home ownership program
WILMINGTON, NC (WWAY) — A rehabilitated home on North 11th Street is being offered for $225,000 through a program designed to provide permanently affordable homeownership opportunities in Wilmington.
Cape Fear Collective and Cape Fear Community Land Trust will hold a ribbon-cutting ceremony and public open house at 203 N. 11th St. on Friday, Oct. 16. The ribbon cutting is scheduled for 2 p.m., followed by an open house until 4 p.m.
The two-bedroom, one-bathroom home is available to buyers whose household income is at or below 80% of the area median income, adjusted for household size. Buyers must live in the home, and resale restrictions apply.
Under the program, Cape Fear Collective will sell the home while Cape Fear Community Land Trust can retain ownership of the land and lease it to the buyer through a renewable, inheritable 99-year ground lease. Removing the land’s cost from the purchase price is intended to make the home more affordable.
Buyers own the house and can build equity, but a resale formula limits how much appreciation they can receive when selling. The restrictions are designed to help keep the property affordable for future buyers.
Cape Fear Collective purchased the property in 2022 as part of a portfolio of about 100 downtown Wilmington rental homes. The house needed foundation work, a new roof and updates to its plumbing, electrical and mechanical systems.
The rehabilitation included a new roof, heating and air conditioning system, electrical and plumbing work, insulation, windows, kitchen, bathroom and flooring. The work was funded through a loan from the City of Wilmington.
Another Cape Fear Collective property, a three-bedroom, one-bathroom home at 1315 Church St., is also being listed for $275,000. The home was built in 1950 and has been renovated with new siding, refinished hardwood floors, updated heating and air conditioning, a new kitchen and a new bathroom. Some original features, including solid pine paneling in the living and dining rooms, remain.
Who qualifies to buy the home?
Households interested in purchasing 203 N. 11th St. must meet the income requirements for the Wilmington area, based on household size, and agree to live in the home.
The provided 2026 HUD income limits are:
| Household size | Maximum annual household income |
|---|---|
| 1 person | $61,650 |
| 2 people | $69,900 |
| 3 people | $78,650 |
| 4 people | $87,360 |
| 5 people | $94,350 |
| 6 people | $101,350 |
Interested buyers can contact the listing Realtor for information about applying. Representatives from both organizations will be available at the open house to answer questions and collect names from interested buyers.
The open house is free and open to the public, with no registration required. Light refreshments will be served. Street parking is available in the neighborhood, with additional parking within walking distance at lots near 1009 Princess St., across from High Wire Brewery.
More information about the organizations is available at Cape Fear Collective and Cape Fear Community Land Trust.
