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Home My WebLink AboutRFP Introduction-2New Hanover County Workforce Housing Services Program - RFP Introduction This RFP is created by the Wilmington Realtors Foundation. We are a 501C3 non-proﬁt organization and the philanthropic arm of Cape Fear Realtors. In 2017 we changed our mission to include affordable housing. We have consistently provided donations to non-proﬁts in the community, but wanted to give back in a more meaningful way. Development of affordable housing was at the top of our list. Our mission is: Providing resources to create housing opportunities for a better quality of life in our community. We are creating a Workforce Housing development at 6221, 6223, and 6229 Carolina Beach Road in Wilmington and are hoping to receive funding from New Hanover County to help in the expenses. The development will be named Pierson Pointe, after our past president John Pierson who passed away in 2021. The property is a total of 6 acres and our plan is to construct 48 townhome units to be sold to Workforce Housing clients in the community. These clients earn 80-120% of area median income and we consider them to be “the missing middle”. They earn too much to qualify for down payment assistance or other programs, but do not earn enough to purchase the average home in our community. This area of the county is in a USDA eligible area allowing buyers to potentially qualify for 100% ﬁnancing. This is a great opportunity! The townhome units will consist of 3 bedrooms, 2.5 baths, and approximately 1500 heated square feet with a 1-car garage. The actual plan has yet to be ﬁnalized. We have had serious dialogue with American Homesmith LLC and our current plan is to partner with them to construct these units. American Homesmith LLC is a large builder with its own foundation and our missions are in line with this development goal. Our organization has recently gone through the rezoning process and was successful in obtaining a new Zoning of R-5. We will also have a deed restriction to require any owner to be an occupant (so no renters allowed). This restriction will be for a minimum of 15 years, possibly longer. 100% of the units will be affordable for Workforce Housing clients in a very desirable location in New Hanover County. The development is currently undergoing Phase 2 inspections The Phase 1 was completed by Paul Masten with Terrain Environmental Consulting, PLLC in May. Our developer is Steve Shuttleworth. We anticipate a clean bill of health for the tract. We intend to close on 6221 and 6223 Carolina Beach Road by end of September (we already own 6229). We have obtained ﬁnancing through Paragon Bank. The intent is to develop 48 lots all ready to be built on to the builder and be paid for the lot at that time. This is how we will pay the mortgage off. We will have a contract with American Home Smith to purchase the lots and build the townhome unit at a price not to exceed $250,000. This is in line with a person’s qualiﬁcation that earns 80-120% of AMI. Efforts have also been made to provide highly energy efficient appliances, water heaters, and HVAC units to keep the cost of utilities down for the buyers. Other ﬁnancial assistance has been promised from the NC Realtor Housing Foundation through grants from Wells Fargo and Truist Bank. Since the property is not located in a service area for public water and sewer, this will be a big expense for us. Our developer, Steve Shuttleworth is in communication with CFPUA engineers to come up with the most efficient plan possible. We will also require a turning lane off of Carolina Beach Road which adds additional infrastructure costs. We also believe that this section of Carolina Beach Road will be in full development mode in the coming years if sewer becomes available, which will increase the county tax base even further. Our development team consists of a commercial Realtor with lots of experience in development of affordable housing, Brian Fleer with Keller Williams, Robert Jackson, Manager of American Homesmith LLC, Deborah Butler, legal counsel and NC Representative, Steve Shuttleworth, Shuttleworth, Inc. and me, Jody Wainio, Realtor of over 35 years in the area, Managing Broker at Keller Williams Realty, and Affordable Housing Advocate for the last 15+ years in New Hanover County. Our goal is to deliver the ﬁrst lot to the building partner by May, 2023. Thank you for considering the funding of our neighborhood! Jody Wainio President, Wilmington Realtors Foundation