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Wilmington Funds Affordable Housing Push | Wilmington News
Wilmington just approved $2 million in gap financing for Dawson Lofts II — a major affordable housing project on Dawson Street set to deliver 86 new units, replacing storm-damaged ones from Hurricane Florence. Rents will be capped for residents earning 30-80% of area median income, offering critical relief in a tight market. With a total cost of $28.7 million covered by tax credits and rental assistance, developers initially sought $2.5 million — but after heated debate over funding levels, interest rates, and unit mix, city council narrowly voted 4-3 to approve the lower amount at just 2%…
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