WILMINGTON, N.C. (WECT) – New Hanover County commissioners voted unanimously Monday to invest $2 million into a workforce housing model designed to accelerate apartment construction and reduce rents for residents.
The funding would replace private investor financing for the project. In return, the county would earn a five percent interest rate and recoup its full $2 million investment after 10 years.
The developer behind the project is Cape Fear Development. The model, called Proximity Blue Clay, would allow the developer to offer rents $300 to $500 cheaper than typical market rates, with affordability guaranteed for 10 years…