Foundation for Affordable Housing plans to purchase, refurbish the Pines apartment complex
WILMINGTON, N.C. (WECT) - The Foundation for Affordable Housing is planning to open close to 200 affordable apartments in Wilmington in the near future.
The Foundation currently is under contract to purchase the Pines of Wilmington Apartments with plans to spend millions on refurbishing the complex.
Since the Foundation wants to seek partial financing for the project using a federal tax exempt mechanism, it needs approval from the governing body of the area. The item is on the agenda for the Wilmington City Council’s meeting on Tuesday.
According to information provided by city staff, the Foundation has a renovation budget of more than $2.5 million for the complex located at 1002 Mayflower Drive off of Shipyard Blvd.
The Foundation plans to maintain 75 percent of the Pines' 233 units as affordable while the remaining 25 percent of the units will be available at market rates.
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