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Cape Fear Community Land Trust bought this home in Castle Hayne for a low price and is now selling it as a permanent affordable housing option. (Port City Daily photo/Alexandria Sands)
CASTLE HAYNE –– Volunteers of the Cape Fear Community Land Trust got their hands dirty Wednesday tidying up the yard of a revitalized home in Castle Hayne that will forever be preserved as an affordable property through deliberate deed restrictions.
The land trust completely renovated the red brick house on Blossom Street, and aims to put it on the market by July. Originally bought for $60,000, it’s targeting roughly $250,000 for the flipped home, which qualifies for purchasing through a USDA loan.
A study by UNC Greensboro, commissioned by the City of Wilmington and New Hanover County.
The findings of a recent housing study are surprising to few: the city of Wilmington and New Hanover County are verging on a housing affordability crisis. But advocates say the report may act as a catalyst for new housing policies in the region.
The study set the stakes quite high: more than half of New Hanover’s renters are cost-burdened, meaning they spend more than 30% of their income on housing, and little housing is available that’s affordable for low-wage earners.
Katrina Knight, Executive Director of Good Shepherd Center, has been talking about a crisis in affordable housing since she came to Wilmington in 2004. She advocated for the study as a member of the ad hoc committee on housing several years ago.
Our main goal whenever we have a piece of property is to work with the engineer and really maximize the housing we can get for the land space, she said, while still making it a sizable lot for the family to have.
Before the zoning change, Cape Fear Habitat for Humanity could have constructed up to nine homes on the site. Now, they can build up to 11.
In recent years, two other properties have been rezoned to R-10, and the planned subdivision will fit in with neighboring subdivisions, including the Apple Valley and Walnut Hills areas, Ron Meredith, a current planner with the New Hanover County Planning and Land Use Department, told members of the planning commission.
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