City of Wilmington commits $3.5M to affordable housing project near Sunset Park

The City of Wilmington received an approximately $26 million allocation from the American Rescue Plan Act, signed into law March 11, 2021.
File image of Wilmington City Council in April 2021 (Photo: WWAY)

WILMINGTON, NC (WWAY) — Wilmington City Council unanimously voted to make an historic investment in affordable housing by utilizing $3.5 million of American Rescue Plan funding for gap financing to develop 278 housing units. The units will be affordable to households that make 60 percent of the area median income.

The proposed multi-family community is located at 2346 Carolina Beach Road, near the Sunset Park community, and will include 20 fully accessible ADA units. The one-to-three-bedroom apartments will serve households with incomes ranging $27,346 to $47,550. Rent is expected to range from $754 to $999 a month. The apartments are anticipated to be fully rented within six months.

Council has dedicated a total of $5,083,032 to increasing the availability of affordable housing in the city’s current budget year.

“This project helps close the city’s housing supply gap for rental units,” according to a release from the city.

All ARPA allocations are given in accordance with U.S. Treasury ARP guidance and NC General Statute authorization.

The City of Wilmington received an approximately $26 million allocation from the American Rescue Plan Act, signed into law March 11, 2021. The money will be disbursed to the city through two installments of approximately $13 million in the next two years. The funds must be obligated by Dec. 31, 2024. The city received the first installment of $13 million earlier this year.

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