an innovative solution for workforce housing in southeastern north carolina
TRANSCRIPT
An Innovative Solution for Workforce Housing in Southeastern North Carolina
YEAR ESTABLISHED:2008
MISSION:To ensure forever-affordable communities through
the innovative stewardship of land and creation of homeownership opportunities in the
Cape Fear Region.
SERVICE AREA:New Hanover, Brunswick, Pender counties
CAPE FEAR HOUSING LAND TRUSTCAPE FEAR HOUSING LAND TRUST
2000 -2000 - The urgent need for quality permanently-affordable workforce housing noted by City of Wilmington & Affordable Housing Coalition partners
2005-07 –2005-07 – UNC-Wilmington’s MPA department engaged for strategic planning
20082008 –– Land Trust established - Cape Fear Habitat serves as oversight partner and fiscal agent
2010 –2010 – Land Trust becomes independent nonprofit
SOUTHEASTERN NCSOUTHEASTERN NC
New Hanover County (Wilmington, Wrightsville Beach, Carolina Beach)
Urban, metropolitan core Popular tourist destination – beaches & historic downtown Popular retirement destination – increase median income 58% jobs in MSA sales and service – average less than $16/hr Cost of living vs. income Over 92% built out 91% of population paying more than 45% income housing + transportation
SOUTHEASTERN NCSOUTHEASTERN NC
Brunswick and Pender Counties (Leland, Holden Beach, Southport
Burgaw, Topsail Island, Hampstead)
Rural, suburban Significant ‘urban flight’ in early 2000s Popular retirement destination – increase median income Popular historically-affordable options Military influx Little industry outside of tourism Low housing costs, high transportation costs
CAPE FEAR HOUSING LAND TRUSTCAPE FEAR HOUSING LAND TRUST
Homes are conveyed using 99-year ground lease
Homes must be resold to income-qualified households
Appraisal based resale formula – shared-equity with 25% share in market appreciation
OUR BUYERSOUR BUYERS
Workforce Housing – up to 120% AMI
Current target market – 60-80% AMI ($36K - $48K)
Public and service sector employees
First-time buyers who cannot afford to live in the community they serve
OUR HOMESOUR HOMES
Emphasis on New Hanover County, first 9 units
Scattered site, single-family, sustainable
Rehab and new construction
Partnership with City of Wilmington
Partnership with Cape Fear Habitat for Humanity
OUR PROJECTS – 808 NORTH 6OUR PROJECTS – 808 NORTH 6THTH STREET STREET
$80,000 – 3bedroom, 2 bath
808 NORTH 6808 NORTH 6THTH STREET STREET
Rehab partnership with the City of Wilmington
Transitioning, urban neighborhood in historic district
Available to first-time homebuyers --- ≤80% AMI
Homebuyer Education & Credit Counseling
Down Payment Assistance Available
Completion Date – November 2011
OUR PROJECTS – GIDEON POINTEOUR PROJECTS – GIDEON POINTE
$TBD – Built to suit
GIDEON POINTEGIDEON POINTE
New construction partnership with Cape Fear Habitat for Humanity
8-house subdivision in Central Wilmington
Habitat Homes with Habitat Homeowners
Available to first-time homebuyers -- 30-60% AMI
Stewarded under Community Land Trust model Estimated Completion Date – May 2012
OUR ORGANIZATIONOUR ORGANIZATION
Operating budget is $125,000, Construction budget is $58,000
FY 2010/11 Funding = 37% Foundations
35% Government Sources
20% Donations
5% Fee Income
3% Other Funding
1 full-time employee
9-person board of directors
WHAT IS SUCCESS?WHAT IS SUCCESS?
Acceptance of CLT model in community & positive impact on market-rate properties
Steady growth in an uncertain housing market
“Seamlessness” of integration of Land Trust housing
Sustainability, variety, and neighborhoods that escape “Death by Cookie Cutter”
Erin Diener – Executive [email protected] 910.399.4191
www.cfhlt.orgFriend us on Facebook
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