On October 3, the city and the Cape Fear Habitat for Humanity celebrated the opening of "The Cottages at Cornerstone," a 32‐home neighborhood built by Habitat for Humanity with assistance from the City’s HOME and CDBG federal funding programs. Officials also broke ground on the next phase of the project which will feature eight additional homes. Both projects together total a $3.8 million investment.
According to Habitat for Humanity, the families who will purchase these homes are employed and qualified to pay a mortgage.
The federal government requires that cities work with other public and private agencies to maximize the use of federal dollars. This project demonstrates the effectiveness of these partnerships. While the city provided approximately $1 million in federal HOME and CDBG funds, the Cape Fear Habitat for Humanity provided an additional $2.8 million of public and private funds.
Wilmington’s ability to leverage this additional funding is much higher than the state and national average. Since the inception of the HOME program, the city has been able to leverage $13.87 of additional funding for every $1 received in HOME funding. The statewide average is $6.59 for every dollar and the national average is $4.97 for every dollar. (Source: HUD’s snapshot of HOME program performance, March 31, 2011).
By stretching federal dollars, Wilmington is able to do more to provide low income housing and other community revitalization needs.