State commission approves financing for Houston Moore redevelopment project

WILMINGTON, N.C. (WECT) - The Local Government Commission approved $32,950,000 in conduit revenue bonds for the Wilmington Housing Authority to redevelop low-income housing at Houston Moore.

The commission announced the approved financing on Tuesday, June 9.

Plans to redevelop the 150-unit Houston Moore property on S. 13th Street have been in the works by the Wilmington Housing Authority for years, primarily to replace aging 1950s infrastructure, tackle long-standing environmental safety issues like severe mold, and transition the site into a modern, mixed-income community

The commission also approved Cape Fear Public Utility Authority’s request for a $13,785,950 state revolving loan to install new water mains.

The Department of State Treasurer staffs the LGC and approves most debt issued by local government units and public authorities in the state. The commission examines whether borrowed amounts are adequate and reasonable for proposed projects and confirms that governmental units can afford to repay the debt.

The next LGC meeting is scheduled for July 7.