New Hanover Community Endowment plans to invest millions of dollars to support affordable housing

NEW HANOVER COUNTY, NC (WWAY) — According to a recent study, 35% of households in New Hanover County are “cost burdened.” This means they spend more than 30% of their household income on housing expenses. 

WWAY spoke with area organization leaders on Thursday about how they’re hoping to address this problem. 

The New Hanover Community Endowment plans to invest millions of dollars into the county to support existing and future housing programs. 

“We think all of us working with the endowment can really help change the housing industry,” New H.O.P.E CDC Communications Director Doug Wahl said. 

New Hanover Community Endowment’s affordable housing investment strategy will allocate $19 million to the ongoing housing crisis by supporting existing housing, facilitating new housing units, and looking into a capital impact program for future housing projects. 

Terri Burhans is New Hanover Community Endowment’s Network Officer said more than $50 million in grant requests from the housing community in 2023 proves the need for this investment strategy. 

“This is a great first step in addressing affordable housing and we really understand that there’s going to have to be a long-term engagement here with the affordable housing community. But for the housing community, what this means is some breathing room and the ability to stabilize and to get some support in the work that they do every day,” Burhans said.  

Burhans said the next step for those hoping to benefit from this announcement is applying. 

“Telling us about your ideas and about your organization so we can partner together to address affordable housing in a meaningful way,” Burhans said. 

Many organizations have already begun the application for funding, among them, New H.O.P.E Community Development Corporation Communications Director Doug Wahl said this is great news. 

“We’re one of the many people turning towards the endowment looking for funding, hoping they will help us help other people,” Wahl said. “It opens the doors for agencies like ours to deliver that help and to be there and help them through this process.” 

In May of 2020, the average closing price for a home in New Hanover County was nearly $350,000. This month, that average price is now slightly over $650,000.