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Real Estate - Residential

Partners Form For Driftwood Supportive Housing, Renovations To Start

By Staff Reports, posted Aug 22, 2022
Cape Fear Collective announced it has partnered with the Good Shepherd Center and Norco Management Holding Inc. to manage Driftwood, an affordable housing complex. (File photo)
Efforts continue to reopen a supportive housing complex in Wilmington.

Cape Fear Collective (CFC) and the Good Shepherd Center have partnered with Norco Management Holding Inc. to manage Driftwood, a housing complex for the local homeless population, according to a press release Monday.

Renovations at the 15-unit apartment at 3820 Princess Place Drive are slated to start this fall. The complex has a tentative reopening date of early next year.

“Driftwood is Cape Fear Collective’s only multi-unit complex within our portfolio of affordable housing,” Meaghan Dennison, CEO of CFC, said in the release. “Getting these units renovated to open additional housing for our region’s chronically homeless is top priority for our organization.”

Dennison said in an email that renovations will be extensive and will cover “everything from paint to replace HVAC units. The goal is to create an enduring community that is safe and clean for residents."

CFC purchased Driftwood for $1.2 million last year after its owners decided to sell it due to it being too costly to operate. The apartments were developed 16 years ago to provide housing for the chronically homeless. This investment by CFC is part of its Ventures program, which raises money for solutions in affordable housing and transportation.

The Good Shepherd Center will serve as the first point of contact for all future Driftwood residents. Former residents of the apartment will receive priority over new applications.

Norco will administer leases, collect rent and manage maintenance requests among other duties. The company oversees USDA-Rural Development and low-income housing tax credit properties in North and South Carolina.

“Good Shepherd Center is excited to be part of this collaboration,” Good Shepherd executive director Katrina Knight said in the release. “Providing a rental opportunity costing just 30 percent of one’s income, combined with on-site services and supports, is an effective homelessness intervention that has proven successful in helping chronically homeless persons with disabilities achieve and maintain housing stability—nationally and in our own community.”
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