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Driftwood Apartments will remain affordable housing, pending the sale to Cape Fear Collective and extensive renovations planned.

A local nonprofit is buying properties to help keep housing prices down for some residents. Using a $2.5 million investment made by Live Oak Bank, Cape Fear Collective has acquired 17 rental properties in Wilmington and three in Pender County, where the nonprofit is aiming to keep rents below the market rate.  It's part of a new initiative called Collective Ventures, which aims to funnel capital into communities with significant barriers to resources. To that end, the nonprofit looks to serve as an intermediary between its nonprofit partners and financial institutions like Live Oak...

Patrick Brien: CEO of CFC is investing in staff, stuff, space and systems (“1on1 with Jon Evans” podcast) Cape Fear Collective seeks solutions to affordable housing By Jon Evans | March 5, 2021 at 5:45 AM EST - Updated March 12 at 4:05 PM WILMINGTON, N.C. (WECT) - Patrick Brien and his team at Cape Fear Collective are working to bring about change in southeastern North Carolina. Not the “driving-down-the-street-and-notice-a-bunch-of-trees-were-cut-down-because-a-new-development-is-going-to-be-built” kind of change. Brien, the CEO of the organization, calls it ‘ge...

Cape Fear Collective acquired 20 properties to preserve as affordable housing using investment funds from Live Oak Bank. (Port City Daily photo/file) SOUTHEASTERN N.C. – As part of its new impact investment initiative, Cape Fear Collective is buying up properties to preserve as affordable housing in the midst of a hot residential real-estate market. Live Oak Bank has invested $2.5 million in support of the local organization’s new initiative, Cape Fear Collective Ventures. The project focuses on obtaining capital to put toward solutions for affordable housing, as well as workforce develop...

Press release content from Globe Newswire. The AP news staff was not involved in its creation. Live Oak Bank Announces $2.5 Million Investment with Cape Fear Collective to Bring Affordable ... Live Oak Bancshares, Inc.February 4, 2021 GMT WILMINGTON, N.C., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Live Oak Bank has announced a $2.5 million investment with Cape Fear Collective designed to support affordable housing solutions in the Wilmington region. The investment is part of a broader initiative through Cape Fear Collective Ventures, a social impact investment initiative aimed at raising capital to s...