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Wilmington Approves $2M Housing Loan | Wilmington News
Wilmington’s City Council narrowly approved a $2 million loan to jumpstart Dawson Lofts II, an ambitious affordable housing project set to deliver 86 units near Dawson Street — all reserved for residents earning 30% to 80% of the area’s median income. Developed by Blue Ridge Cascade and the Wilmington Housing Authority, the site will replace a dilapidated building on Virgie Rhodes Lane, with construction potentially starting as early as 2027. The city’s funding acts as gap financing from its Affordable Housing Fund, with repayment beginning in 2029 — a bold move to tackle the region’s housing…
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