The New Hanover Community Endowment (NHCE) has announced plans to invest over $14 million across 15 grants aimed at supporting current and future housing initiatives. These grants represent the first wave of funding under the endowment’s Affordable Housing Investment Strategy, which was introduced in May. The strategy focuses on three key areas: stabilization, production, and capital.
Problem: Recent studies indicate that 35% of households in New Hanover County are cost-burdened, meaning they spend more than a third of their income on housing.
- Solution: The NHCE’s strategy aims to alleviate this burden by supporting existing housing, preventing displacement, and facilitating the creation of new, affordable housing units. The endowment also plans to explore the development of a capital impact program for future housing projects.
What They’re Saying: “We’re excited to make these first investments to address affordable housing,” said Bill Cameron, chairman of the NHCE board. “This strategy is a collaboration between the Endowment and our housing partners. Our goal is to find lasting, transformational solutions.”
Breaking It Down: The largest grant, totaling $3.5 million, has been awarded to Cape Fear Habitat for Humanity to fund new home construction and infrastructure in Haven Place, a Habitat development in Castle Hayne. In addition, the endowment’s support extends to the infrastructure for Legacy Landing Phase II, a 14-unit townhome project.
- New H.O.P.E. CDC: $3,060,000
- Cape Fear Collective (Block by Block Production): $837,000
- Salvation Army: $1,000,000
- Wilmington REALTORS Foundation: $650,000
- Cape Fear Community Land Trust: $200,000
- Eden Village: $300,000
- Financial Protection Law Center: $300,000
- Domestic Violence Shelter and Services: $594,619
- Coastal Horizons Center (Open House Youth Services): $600,000
- WARM NC: $600,000
- Cape Fear Collective: $900,000
- Good Shepherd Center: $1,655,000
- One Christian Network: $225,000
- Better Is Possible: $150,000
- Coastal Horizons Center: $200,000
- LINC: $200,000
Bottom Line: These investments mark a significant step in addressing the housing challenges in the region, with a focus on creating long-term, sustainable solutions for the community.
