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County Invests $2M to Slash Apartment Rents | Wilmington News
New Hanover County just approved a $2 million investment to fast-track affordable apartment construction, slashing rents by $300–$500 monthly for a decade — all while guaranteeing the county gets its money back plus 5% interest in ten years. Led by Cape Fear Development, the “Proximity Blue Clay” plan uses local funds where private investors might hesitate, aiming to keep units occupied and accessible across income levels. First units could be ready in 18 months, with another $2 million pledged for future projects — a bold, creative move hailed by commissioners as a smart solution to the…
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