NHC commissioners approve $11.9 million building purchase for CFCC nursing program, $3 million for workforce housing
WILMINGTON, N.C. (WECT) - The New Hanover County Board of Commissioners approved a $11.9 million loan to purchase the 5-story former Bank of America building for Cape Fear Community College’s nursing program. Also at their October 3 meeting, they approved $3 million in loans for 152 affordable housing units.
Their next steps on the building purchase are due diligence and figuring out what renovations are needed for the expansion, per county social media.
The county is purchasing the property for $11,875,000 and plans to renovate it over the next five years, which would cost an estimated $14,800,000. The property is 1.92 acres on 319 N 3rd Street and includes a 5-story 55,000-square foot building and its parking lots.
Per the proposal given to the county, the county received a request from CFCC to purchase the property on September 12.
To pay it, the county will establish a capital project fund called the CFCC Health Fund and use an installment loan to pay the $11.87 million purchase price. The ordinance being brought to the commissioners is just for the purchase and not the renovations.
As for the affordable housing, the commissioners approved the first installment of a five-year commitment to increase the amount of affordable housing in the community.
“Our Planning and Land Use Department and Workforce Housing Advisory Committee have worked diligently to solicit proposals and bring projects forward for us to consider that can provide more affordable housing opportunities here in New Hanover County,” said Board of Commissioners’ Chair Julia Olson-Boseman in a release. “It will be great to see these two projects come to fruition with 152 affordable units, including 68 for senior households, in our community.”
Two $1.5 million, 20-year loans with a 2 percent interest rate will be distributed to East Carolina Community Development and Terrior Development for Low Income Housing Tax Credit developments. East Carolina is working on a 68-unit senior development near Castle Hayne, and Terrior is working on 84 affordable units off of Gordon Road to be called Estrella Landing.
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