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County Loans $2M for Workforce Housing | Wilmington News
Description
New Hanover County is betting big on workforce housing with a bold new strategy: injecting $2 million into Proximity Blue Clay, a townhome development, as a low-interest loan—5% over 10 years. The goal? Keep rents affordable for residents earning 60–90% of the area’s median income across all 236 units. This isn’t charity—it’s smart capital deployment, lowering costs for developers so they can pass savings to tenants. Approved July 13th, the move signals unified support for innovative solutions and kicks off a $2 million dedicated workforce housing fund, designed to be recycled into future projects. Officials see this as a scalable model to tackle the affordability crisis for essential workers who can’t afford market rates.
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