HomeMy WebLinkAboutCape Fear Collective Block by Block Interview Follow-upFrom:Suzanne Rogers
To:McClammy, Theo
Cc:Cara Stretch; Wilson, Kourtney; Standfest, Maria
Subject:Re: NHC RFP Interview Follow-up
Date:Wednesday, August 14, 2024 11:54:31 AM
Attachments:Cape Fear Collective NHC WHSP Project Submittal Block by Block.pdf
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Hi Theo and Team,
Thank you for the opportunity to meet and share more about our application for the Block by
Block project. We believe this project meets the criteria for the NHC WHSP program and the
WHAC goals to support the preservation of Naturally Occurring Affordable Housing
(NOAH). We are also excited for the opportunity to work in partnership with NHC on this
project which demonstrates the ability to address our affordable housing crisis through a
public/private partnership with funds from local banks securing these units before they were
lost for use as affordable housing.
Attached please find our summary of the meeting and some notable points to consider when
evaluating our project. Please don't hesitate to reach out to me or Cara with any questions you
may have as you continue your review of our proposal.
Again, thank you for your time and consideration.
Best regards,
Suzanne
On Mon, Aug 12, 2024 at 2:42 PM McClammy, Theo <tmcclammy@nhcgov.com> wrote:
Cara and Suzanne,
Thank you for participating in the post-submission interview. We are giving each applicant
the opportunity to submit a brief written response to the interview. Please send your
response to Maria (mstandfest@nhcgov.com), Kourtney, and I by noon Wednesday. Your
response will be shared with the evaluation team that is scheduled to meet on August 28th.
Best regards.
Theo McClammy
Program Manager
New Hanover County ‑ Planning & Land Use ‑ Planning & Zoning
(910) 798-7180 p | (910) 798-7838 f
tmcclammy@nhcgov.com
230 Government Center Drive, Suite 110
Wilmington, NC 28403
www.NHCgov.com
--
Suzanne E. Rogers, MPA
Director of HousingCape Fear CollectivePO Box 7746Wilmington, NC 28406srogers@capefearcollective.org910-742-0514
Cape Fear Collective NHC WHSP Project Submittal Block by Block
Note and Points to Consider from 8/12/2024 Interview with NHC Staff
Present: NHC staff- Theo McClammy, Maria Standfest, Kourtney Wilson; CFC staff – Cara Stretch,
Suzanne Rogers
Project Summary
Rehabilitation Construction of 18 single-family scattered site rental units located within the City of
Wilmington (see map and list of addresses).
Total project cost: phase one – 18 units (6 NHC WHSP; 6 COW; 6 NHCE)
• Rehabilitation Construction- $2,511,710
• Property Acquisition - $3,503,418
• Development Cost/Unit- $ 139,539
Terms: Loan w/ affordability period restrictions, 20 years +, 0% interest, forgivable
Presumption: 1 eligible for ARPA as is eligible activity under HUD HOME Investment Partnership
program
Affordability Period: minimum of 20 years with 2nd lien and/or deed restrictions w/notice using NHC
templates
Partners: Cape Fear Community Land Trust – serve as Project Construction Manager w/ General
Contractor License as well as acquire vacant units for homeownership with Land Trust affordability
model.
Other Salient Points to Consider:
• Project is shovel ready, can meet ARPA timeline requirements
• Property is owned by CFC, no delays for acquisition, zoning, other financing, funding
• Preserve existing affordable housing (NOAH) – a WHAC goal
• Partnership w/ area banks including Live Oak Bank and non-profits CFCLT, LINC, Habitat, Good
Shepherd, etc. to ensure units serve target populations most in need of affordable housing.
• Not asking for operating funds. Construction project to rehabilitate 18 units in phase 1.
• Preserving NOAH maintains neighborhood character, diversity and is more environmentally
friendly than new construction.
• Lower per unit cost to rehabilitate existing units than build new $140K vs $250k
• Preserving NOAH maintains neighborhood character, diversity and is more environmentally
friendly than new construction.
• CFC staff have experience with Federal Funded Rehabilitation Projects – Driftwood
• Loss of these units displaces low-to-moderate income households, increasing risk of
homelessness.
Uses:
Pre-Development $10,800
Construction $2,077,791
Legal (contracts, etc) $4,500
Developer Fees $418,618
Sources:
CFC – CRA Investment Acquisition $3,503,418
NHC WHSP $837,237
New Hanover Community Endowment $837,237
City of Wilmington $837,237