home-builders-housing-development-programs

Affordable Rental Units

Many families and individuals prefer to rent or are not currently ready for home ownership. Finding decent, safe, attractive and affordable rental housing can be difficult in a tightening market. The CDC has been awarded $1,900,000 in Neighborhood Stabilization Program (NSP) grant funds to acquire foreclosed single-family homes, rehabilitate them and make them available to HUD income-eligible families for rental. The homes are in stable, desirable neighborhoods and once the rehabilitation work is completed the rents will be based on HUD NSP income limits established for the Cape Fear region. Selected tenants will have to meet a high standard, having demonstrated financial responsibility in the past. However, those selected will enjoy rental housing that is equal or superior in quality to the owner-occupied housing in the neighborhood.

The CDC has also entered into a contract with the City of Wilmington to acquire foreclosed single-family homes, rehabilitate them and make them available to HUD income-eligible families for rental. The funding source for this project is HUD HOME funds but the program will operate in a very similar fashion to the NSP program described above. The number of available units under both programs will be very limited. Interested families should contact the CDC to ascertain whether and when units will become available.

 

See available or soon-to-be available properties:

 

226-ROCKWELL-ROAD WILMINGTON-Front
Rockwell Rd.
510-LEWIS ROAD-CAROLINA-BEACH-front
Lewis Rd.
IMG_0946Sand Trap Court

 

Funding by:

North Carolina Community Development Initiative
City of Wilmington
Bank of America

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