Council approves $27 million in bonds to rebuild Market North Apartments
WILMINGTON, NC (WWAY) — Wilmington City Council has approved a resolution to let the Wilmington Housing Authority issue $27 million worth of bonds for the rebuild of the Market North Apartments.
The affordable housing units were damaged during Hurricane Florence.
The complex is under the new ownership of Vitus. Vitus Director of Development Scott Langan says they have already started construction.
Langan says they hope to have all 202 units done and filled by April of 2020. Out of the 202 units, Langan says around 112 of those families will be moving back in and they will be some of the first to come back.
Wilmington Housing Authority CEO Katrina Redmon says they act as sponsors for the bonds, and investors will buy into them to help with development.
“The bonds create no liability for the city or the Housing Authority,” Redmon says. “These bonds are issued and sold in the open marketplace. Usually to an institutional investor, but not always. Then that money comes in to fund that project and the rehabilitation thereof.”
Langan says the complex will remain affordable housing for the next 30 years. They hope to have families start moving back in as early as October.
At Tuesday night’s meeting, the city also reviewed its performance report on how last year’s federal funding was spent on low-income housing.
Suzanne Rogers with the city says they got $1.5 million from the federal government, plus around $1.2 million from City Council.
Rogers says one of their big projects was helping complete part of the Lakeside Reserve housing complex.
“It’s really important that we use our funds as wisely as we can to get the most out of them,” Rogers said. “Although it’s a significant amount of money, it’s not all the resources that we need.”
Rogers says they welcome suggestions for next year’s plans. She says there is a 15-day comment period right now.