The City of Wilmington identifies the need for workforce/affordable housing as a priority in the City's Strategic Plan. Increasing affordable housing options is a goal in the City's Five Year Consolidated Plan. Furthermore, Create Wilmington Comprehensive Plan, recognizes that Wilmington residents want a diverse and inclusive community, with high-quality housing that is available to everyone.
Limited funds may be available for the development of housing that is affordable to households earning 80% or below the Area Median Income. Funds may be used to help finance the development of new construction or rehabilitation for single -family housing for home-ownership, multi-family rental housing, Permanent Supportive Housing, etc. Interested applicants should review the guidelines and application here:
Rental Rehabilitation Incentive Loan Program
The City of Wilmington offers a $125,000 maximum loan at zero percent interest to finance the creation of affordable rental housing in existing residential homes in need of rehabilitation, or for new construction on in-fill lots. The loan is targeted to small developers, investors, non-profits, or others interested in providing single-family rental units. The intent of the program is to bring badly deteriorated or dilapidated housing units back into the rental housing stock; therefore all potential units must be vacant.
Click here for more information about the Rental Rehabilitation Loan Program and the requirements for submitting a proposal.