The New Hanover Community Endowment announced on Monday plans to invest more than $14 million across 15 grants to support existing and future housing programs.
According to a news release, the grants are the first investments based on the endowment’s Affordable Housing Investment Strategy, which the foundation released in May.
The housing investment strategy has three key focus areas: stabilization, production and capital. The endowment faced criticism from nonprofit leaders and the public for not funding affordable housing in its $53 million December disbursement.
The largest grant supports Cape Fear Habitat for Humanity, funding new home construction and infrastructure in Haven Place, a Habitat for Humanity development in Castle Hayne. The endowment’s funding also supports the infrastructure for Legacy Landing Phase II, a 14-unit townhome development.
Other local organizations, including New H.O.P.E. CDC, the Salvation Army, Cape Fear Collective and the Good Shepherd Center, received top grant awards.
“We’re excited to make these first investments to address affordable housing,” stated Bill Cameron, chairman of the NHCE board, in the release. “This strategy is a collaboration between the Endowment and our housing partners. Our goal is to find lasting, transformational solutions.”
Recent studies indicate that 35% of households in New Hanover County are cost-burdened, spending more than a third of household income on housing expenses, according to the news release. The endowment’s investment strategy aims to support existing housing and prevent displacement, facilitate the production of new, affordable housing units, and explore the creation of a capital impact program for future housing projects, according to the release.
“I’m proud of this first step,” said Network Officer Terri Burhans, who oversees the community development pillar for NHCE. “And we have to recognize that housing is just one part of an eco-system. To solve this complicated issue, we’ll need to address everything from food insecurity to income disparities.”
In addition to housing investments, the endowment made three grants as part of its rolling grants process to Better Is Possible, Coastal Horizons Center, and LINC.
Better Is Possible’s funding expands a year-round mentorship and skills training program for healthcare career pathways. The Coastal Horizons grant provides matching funds to its permanent supportive housing program and funding for LINC supports its LITE program, which improves the educational environment for New Hanover County’s most vulnerable young learners.
The endowment was formed from the sale of the county-owned New Hanover Regional Medical Center to Novant Health in 2021, creating a more than $1 billion fund from the bulk of the sale proceeds. The endowment’s new CEO and President Dan Winslow is set to start with the foundation on Tuesday.
Find a summary of the New Hanover Community Endowment’s Affordable Housing Investments below:
- New H.O.P.E. CDC: $ 3,060,000
- Cape Fear Collective (Block by Block Production): $ 837,000
- Salvation Army: $ 1,000,000
- Cape Fear Habitat for Humanity: $ 3,500,000
- Wilmington REALTORS Foundation: $ 650,000
- Cape Fear Community Land Trust: $ 200,000
- Eden Village: $ 300,000
- Financial Protection Law Center: $ 300,000
- Domestic Violence Shelter and Services: $ 594,619
- Coastal Horizons Center (Open House Youth Services): $ 600,000
- WARM NC: $ 600,000
- Cape Fear Collective: $ 900,000
- Good Shepherd Center: $ 1,655,000
- One Christian Network: $ 225,000
- Better Is Possible: $ 150,000
- Coastal Horizons Center: $ 200,000
- LINC: $ 200,000
