$500,000 joint venture for affordable housing in Lee County

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WILMINGTON, NC (WWAY) – Dogwood State Bank, Brick Capital Community Development Corporation (Brick Capital), and Cape Fear Collective (CFC) are partnering in a $500,000 venture to build single-family homes in Lee County.

Dogwood State Bank has allocated $500,000 through its partnership with SWC to build new affordable housing with Brick Capital in the Sanford, North Carolina area.

It will be a five-year commitment and will allow the construction of more than 30 houses. This is the first time SWC has deployed capital outside of the Cape Fear region.

“Dogwood is thrilled to partner with CFC to provide affordable housing in Lee County,” said Steve Jones, CEO of Dogwood State Bank. “As a North Carolina-based community bank, we are committed to supporting our communities and providing invaluable resources that go beyond traditional banking opportunities. This partnership further strengthens our commitment to making a difference in the communities we serve throughout North Carolina.

Brick Capital works to increase the wealth of individual families and the community by creating new affordable housing stock for low-to-moderate income families and by developing and creating supportive housing for people with disabilities and victims of domestic violence and sexual assault.

Meaghan Dennison, Acting CEO of CFC, said partners like Brick Capital who are on the front lines of building, preserving and supporting affordable housing are ideal partners for Cape Fear Collective’s social impact investments.

Brick Capital worked on the development of an entire subdivision and acquired a 16-acre site from the City of Sanford through purchases and donations.

The site will include 45 single-family homes as well as a 16-unit apartment complex with supportive services. Grading and site preparation for the project is expected to begin this summer and construction is expected to begin in the fall.

The joint venture will be governed by a management committee consisting of Dennison, Bashaw and a third member approved by both CFC and Brick Capital.

The management committee will participate in the supervision of the deployment and the follow-up of the acquisition in five years. The $500,000 will be replenished after each home sale to provide future investments in other projects or to fill funding gaps related to affordable housing in Lee County.

Homes built under the program will be sold well below market price and will benefit families with a Sanford-area median income of less than 80%, or $61,000.

Brick Capital can also help qualified buyers with up to $30,000 in down payment assistance through the North Carolina Housing Finance Agency’s Community Partners Loan Pool program.

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