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Wilmington Realtors Foundation aims to build nearly 50 affordable townhomes

Area realtors aim to create affordable housing option
Published: Apr. 20, 2022 at 3:49 PM EDT
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WILMINGTON, N.C. (WECT) - A group that specializes in selling homes is getting involved in creating more affordable options.

The Wilmington Realtors Foundation is behind the effort to build affordable homes along Carolina Beach Road across from the Beau Rivage community. The foundation hopes to build 48 townhomes on the site.

“We purchased this property because it was in the middle of an area that has more affluent neighborhoods around it so that it would allow people to buy here and live in an area that has better schools and more resources available and would not be concentrating poverty in one specific location,” said foundation president Jody Wainio,

The proposed townhomes could go for more than $300,000 but profit is not the organization’s goal for this project. Instead, they’re marketing the $250,000 townhomes to HUD-eligible buyers.

Not only is this meant to help potential homeowners but it will help the county, too. With this development, first responders, teachers and hospital employees might be able to live where they work.

“The Realtor Foundation sees the need to have our community workers living in the area that they serve for many reasons,” said Wainio. “It doesn’t make sense to collect a check from New Hanover County or the City of Wilmington and then go off to another county and spend it somewhere else.”

There is a long road ahead for the project as the foundation is still working to come up with the funding for the project. Extending the sewer line to the property will cost about $1 million — a price WRF hopes the county may agree to assist with.

Although the first townhome won’t be available until at least late 2023, interested buyers can call Wainio at 910-232-4635 to be added to the wait list.

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