New Hanover County Board of Commissioners approve funding to create 152 workforce housing units

New Hanover Co. Commissioners Approve Lottery Funds For Nhcs Renovation And Repair Projects
New Hanover Co. Commissioners have approved funding for workforce housing units (File Photo: WWAY)

NEW HANOVER COUNTY, NC (WWAY) — The New Hanover County Board of Commissioners has approved the use of $3 million to help fund a pair of projects that will bring 152 new workforce housing units to the community.   

The funding is the first installment of a five-year, $15 million commitment previously approved by the Commissioners to improve workforce and affordable housing stock in the county.   

“Our Planning and Land Use Department and Workforce Housing Advisory Committee have worked diligently to solicit proposals and bring projects forward for us to consider that can provide more affordable housing opportunities here in New Hanover County,” Board of Commissioners’ Chair Julia Olson-Boseman said. “What we approved today is a significant investment and commitment to affordable and workforce housing in our community, and it’s part of our larger plan to provide greater opportunities and access to housing. It will be great to see these two projects come to fruition with 152 affordable units, including 68 for senior households, in our community.”  

East Carolina Community Development and Terrior Development will each receive $1.5 million in loans to support their Low Income Housing Tax Credit developments, helping keep these units affordable for at least 30 years, according to a press release. These loans will be for 20 years at a 2 percent interest rate and were two of the six total proposals submitted to the county for consideration.    

Proposals were evaluated based on their cost and ability to make an immediate impact, with funding recommendations coming from a cross‐functional team of New Hanover County staff and members of the Workforce Housing Advisory Committee members.  

East Carolina Community Development, a 501c3 nonprofit that specializes in affordable housing development, is planning the Covenant Senior Housing complex that will cost approximately $15.4 million and bring 68 affordable housing units to the Castle Hayne area.   

Terrior Development’s project, Estrella Landing, will cost approximately $18.2 million and will bring 84 affordable housing units to a complex scheduled to be built off of Gordon Road.   

“We want to thank everyone who submitted proposals for us to review and bring to the Commissioners for consideration,” Senior Long Range Planner Rachel LaCoe said. “We’re fortunate to have entities in our community committed to making affordable housing possible and we look forward to reviewing more plans and opportunities that arise in the coming years through this program.” 

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