HomeMy WebLinkAboutCF Collective Past ExperienceNHC.WHSP Example of Past Projects
Driftwood Apartments
Major Rehabilitation Construction of 15 Unit Permanent Supportive Housing
Completed April 2024
Location: 3820 Princess Place Drive, Wilmington, NC 28405
Driftwood is a 15-unit multi-family development built in 2003, with financing through the Low
Income Housing Tax Credit (LIHTC) program administered by the North Carolina Housing
Finance Agency (NCHFA). Driftwood is located at 3820 Princess Place Drive. Cape Fear
Collective (CFC) acquired the property in 2021 for $1.2 million dollars. Having had no
substantial renovations or rehabilitations since 2003, the property needed rehabilitation.
The project includes four one-story buildings; two of the four buildings have five, one-
bedroom units, one of the four buildings has three one-bedroom units, and one of the four
buildings has one one-bedroom unit, one two-bedroom unit, and an office with a
community/reception area and a private office. Three of the units are fully handicap
accessible. The remaining units are handicap adaptable.
On November 8, 2023, CFC executed a funding agreement for $698,000 CDBG -CV for a
major rehabilitation of the Driftwood Project. The rehabilitation was completed in May 2024.
Renovations included new roofs, HVACs, hot water heaters, kitchen appliances,
washers/dryers, countertops, floor coverings, and ADA-accessible showers in ADA units,
this is not an exhaustive list of all renovations. The finished project is a Permanent
Supportive Housing (PSH) development.
The project is operated in partnership with Good Shepherd Center providing on-site case
management and support to tenants and Norco Property Management providing property
management to include facility upkeep and reporting to NCHFA.
CFC Scattered Site Single-Family Rental Portfolio
Cape Fear Collective (CFC) mobilizes Community Reinvestment Act (CRA) funds to address
the most pressing community needs for the public good. To that end, CFC raised $18m in
CRA funds l from financial institutions in the Wilmington area. These funds were used for
the acquisition of 114 scattered-site residential rental units. Most of the houses are in
Wilmington’s Northside and Southside neighborhoods, traditionally home to African
American households. These areas are experiencing gentrification and displacement of
lower-to-moderate-income households. Thus, the 114 properties were at risk of being lost
as Naturally Occurring Affordable Housing (NOAH).
CFC has partnered with many area nonprofits to use the properties as affordable rental or
homeowner housing. Partners include LINC, CF Habitat for Humanity, Vigilant Hope, Good
Shepherd Center, and private developers providing affordable rental housing. As of the
writing of this application, CFC has 83 rental properties – about 63% of which are occupied
– in addition to 15 units of Permanent Supportive Housing at our multi-family
site, Driftwood.
After decades of ownership by negligent landlords who failed to invest in routine
maintenance and upkeep, all the properties are in serious disrepair. Since acquiring the
properties, CFC has invested over $1,000,000 in major improvements such as new roofs,
HVACs, electrical, and structural repairs, etc.
In total CFC has made rehabilitation/repairs of over $20,000 per unit to 23 units. This does
not include routine maintenance, repairs and rental turn-over repairs. A list of property
addresses with the improvement expenditures over $20,000 is attached for more detailed
information.