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Real Estate - Residential

Following Renovations, Driftwood Welcomes Residents

By Emma Dill, posted Jun 27, 2024
Cape Fear Collective recently completed a renovation of Driftwood, a 15-unit supportive housing apartment complex. (Photo by Cece Nunn)
Two years after acquiring Driftwood, a 15-unit apartment complex off of Wilmington’s Princess Place Drive, Cape Fear Collective has wrapped up renovations and is welcoming in residents.

The complex will provide supportive housing for individuals with disabilities who are experiencing chronic homelessness. Residents have started to move back into Driftwood’s apartments and a formal ribbon-cutting ceremony is set to take place July 25, according to a news release issued Friday by Cape Fear Collective.

The completion of the $1.9 million acquisition and renovation of Driftwood is a “significant milestone” for Cape Fear Collective, the release stated. The nonprofit acquired the property in 2021 for $1.2 million after the tax credit project reached the end of its initial affordability period and faced the prospect of being converted into market-rate rental units.

“Driftwood’s reopening demonstrates the importance of Cape Fear Collective in connecting private and public funding to address one of the most complex problems communities face,” stated Cara Stretch, Cape Fear Collective’s CEO, in the release.

Cape Fear Collective has addressed years of deferred maintenance and disrepair, an effort funded by a $700,000 forgivable loan from the city of Wilmington’s affordable housing program, according to the release.

The nonprofit will operate Driftwood in partnership with The Good Shepherd Center, which will provide on-site case management support from residents, and Norco Management, which will oversee property management services.

Last week, six of the property’s residents moved in and the others will move in the coming weeks, according to Katrina Knight, executive director of The Good Shepherd Center. In all, 16 residents are set to move into the complex’s 15 units. 

All residents will be chronically homeless individuals with significant disabilities identified by the regional Continuum of Care’s coordinated entry process as having the most acute needs and being most in need of permanent supportive housing, Knight said. 

Permanent supportive housing offers housing priced at 30% of an individual’s income along with on-site supportive services and case management.

A ribbon-cutting ceremony for the renovated complex will be held at 9 a.m. July 25 at Drifwood, 3820 Princess Place Drive.
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