An Innovative Solution for Workforce Housing in Southeastern North Carolina

YEAR ESTABLISHED: 2008 MISSION: To ensure forever-affordable communities through the innovative stewardship of land and creation of homeownership opportunities in the Cape Fear Region. SERVICE AREA: New Hanover, Brunswick, Pender counties

CAPE FEAR HOUSING LAND TRUST   The urgent need for quality permanently- affordable workforce housing noted by City of Wilmington & Affordable Housing Coalition partners  –  – UNC-Wilmington’s MPA department engaged for strategic planning  2008–  2008 – Land Trust established - Cape Fear Habitat serves as oversight partner and fiscal agent  2010 –  2010 – Land Trust becomes independent nonprofit

SOUTHEASTERN NC New Hanover County (Wilmington, Wrightsville Beach, Carolina Beach)  Urban, metropolitan core  Popular tourist destination – beaches & historic downtown  Popular retirement destination – increase median income  58% jobs in MSA sales and service – average less than $16/hr  Cost of living vs. income  Over 92% built out  91% of population paying more than 45% income housing + transportation

SOUTHEASTERN NC Brunswick and Pender Counties (Leland, Holden Beach, Southport Burgaw, Topsail Island, Hampstead)  Rural, suburban  Significant ‘urban flight’ in early 2000s  Popular retirement destination – increase median income  Popular historically-affordable options  Military influx  Little industry outside of tourism  Low housing costs, high transportation costs

CAPE FEAR HOUSING LAND TRUST  Homes are conveyed using 99-year ground lease  Homes must be resold to income-qualified households  Appraisal based resale formula – shared-equity with 25% share in market appreciation

OUR BUYERS  Workforce Housing – up to 120% AMI  Current target market – 60-80% AMI ($36K - $48K)  Public and service sector employees  First-time buyers who cannot afford to live in the community they serve

OUR HOMES  Emphasis on New Hanover County, first 9 units  Scattered site, single-family, sustainable  Rehab and new construction  Partnership with City of Wilmington  Partnership with Cape Fear Habitat for Humanity

OUR PROJECTS – 808 NORTH 6 TH STREET $80,000 – 3bedroom, 2 bath

808 NORTH 6 TH STREET  Rehab partnership with the City of Wilmington  Transitioning, urban neighborhood in historic district  Available to first-time homebuyers --- ≤80% AMI  Homebuyer Education & Credit Counseling  Down Payment Assistance Available  Completion Date – November 2011

OUR PROJECTS – GIDEON POINTE $TBD – Built to suit

GIDEON POINTE  New construction partnership with Cape Fear Habitat for Humanity  8-house subdivision in Central Wilmington  Habitat Homes with Habitat Homeowners  Available to first-time homebuyers % AMI  Stewarded under Community Land Trust model  Estimated Completion Date – May 2012

OUR ORGANIZATION  Operating budget is $125,000, Construction budget is $58,000  FY 2010/11 Funding =  37% Foundations  35% Government Sources  20% Donations  5% Fee Income  3% Other Funding  1 full-time employee  9-person board of directors

WHAT IS SUCCESS?  Acceptance of CLT model in community & positive impact on market-rate properties  Steady growth in an uncertain housing market  “Seamlessness” of integration of Land Trust housing  Sustainability, variety, and neighborhoods that escape “Death by Cookie Cutter”

Erin Diener – Executive Director Friend us on Facebook Follow us on Twitter: “CFHLT”