Cape Fear Habitat for Humanity CEO and President Marlowe Foster announced Friday that the organization is set to acquire 30 acres in New Hanover County for the organization's first mixed-income development.

Foster announced the plan during the nonprofit organization's Golden Hammer Breakfast on Friday, according to a news release.

Cape Fear Habitat officials are in the early stages of the project, which is expected to be located near Sidbury Road and Buck Drive, the release stated. The 30-acre development site is under contract, and the group is expected to close on the property in early March, said Shelby Wilson, Cape Fear Habitat's marketing and communications coordinator. 

"This project – which is expected to include 150 to 200 housing units – marks an evolution in the organization's approach to affordable housing," the release stated. "Through innovative public‑private partnerships, the development will consist of traditional Habitat homes alongside market‑rate homes and multifamily units."

The organization did not disclose the exact address, current property owner or purchase price.

Foster stated in the release, “We look forward to building a thriving community where individuals and families can build generational wealth and a community. This development will become far more than a place to call home – it will be a place where hope is nurtured, opportunity grows and a stronger, more resilient community will flourish."

According to the release, mixed-income housing "offers a proven solution to rising affordability pressures, as more than 22.6 million renters nationwide now spend over 30% of their income on housing."

As for the economic impact, officials said mixed-income developments "strengthen labor markets by ensuring essential workers can live near employment centers – supporting economic growth, community stability and a balanced regional housing supply."

Founded in 1987, Cape Fear Habitat for Humanity has served more than 500 families in Pender, Duplin and New Hanover counties, according to the release.