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County Loans to Build Affordable Homes | Wilmington News
New Hanover County is pivoting from direct housing construction to becoming a low-interest lender, offering a $2 million, 5% loan for Cape Fear Development’s Proximity Blue Clay project — 236 affordable townhomes priced at 60-90% of area median income, ready in just 18 months. This bold move, after last year’s budget retreat, could fast-track housing for essential workers as Wilmington’s median income has surged 70% in a decade. The loan would draw from the county’s Revenue Stabilization Fund — funded by the medical center sale — with another $2 million earmarked for future projects…
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