City council approves up to $27 million in bonds for Market North Apartments repairs

City council approves up to $27 million in bonds for Market North Apartments repairs

WILMINGTON, N.C. (WECT) - City leaders voted to allow Wilmington Housing Authority to issue up to $27 million in bonds to help repair Market North Apartments.

The affordable housing complex was heavily damaged by Hurricane Florence and left 700 residents displaced.

Scott Langin, a spokeperson for Vitas, gave an update on when residents can move back into the complex.

“Of the 202 units, the families that moved out during the last hurricane, about 112 of those families will be moving back and those families will be the first ones moving back starting in October, November, December. And then, there will be 90 new families gracing the halls of Market North in 2020,” he said.

Vitus has agreed to pay the principal, premium, and any interest on the bonds, according to documents prepared for city council. Neither the city nor the Housing Authority will have any liability for the bonds.

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