Live Oak Bank has announced an $8.4 million low-income housing tax credit (LIHTC) investment to support Estrella Landing, a new affordable housing development in Wilmington. The investment will provide crucial funding for Estrella Landing, an 84-unit family property located at 4611 Gordon Road.
- The development, which opened this summer, features three residential buildings offering one- to three-bedroom apartments.
- Rent for these units is restricted to 30% and 60% of the Area Median Income (AMI), making them affordable for low-income residents.
Why It Matters: Affordable housing is a growing challenge in many communities, and Live Oak Bank’s investment aims to address the housing needs of low-income families in its hometown. By supporting this project, the bank is contributing to Wilmington’s efforts to offer more housing options to families and improve the region’s workforce development.
What They’re Saying: “Live Oak is proud to make an investment in affordable housing in our own community,” said William C. (BJ) Losch III, president of Live Oak Bank. “We believe supporting affordable housing directly impacts workforce development and advances the opportunities of residents in our region.”
- Stephanie Norris, developer for Norco Management, which manages Estrella Landing, emphasized the collaborative effort behind the project noting that the investment from Live Oak Bank, along with funding from Cape Fear Collective, New Hanover County, the N.C. Housing Finance Agency, and the N.C. Office of Recovery and Resiliency, has created a public-private partnership that directly benefits Wilmington residents.
The Bottom Line: Live Oak Bank’s investment in Estrella Landing highlights the importance of public-private partnerships in expanding affordable housing. The initiative aims to support low-income families while fostering workforce development and strengthening the community.
