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Yahoo
28-05-2025
- Business
- Yahoo
Wilmington's new affordable housing complex is opening. Here's what it costs to live there
The opening of a workforce housing complex in New Hanover County gives a window into what is considered affordable in the Wilmington area. Starway Village, a 278-unit workforce housing complex finishing up construction at 2346 Carolina Beach Road, will provide housing for residents who make 60% or less of the area median income, or AMI, in New Hanover. When the project was in the planning stage in 2023, Mayor Bill Saffo said it was the largest affordable housing development to receive funding from both the city and the county. More StarNews: Accessing local journalism is even easier with the StarNews app The total cost of Starway Village was estimated to be $75 million. The project received over $2 million from New Hanover, $4.2 million from the city of Wilmington and $9 million from the North Carolina Office of Recovery and Resiliency in Community Development Block Grant Disaster Recovery funds. Two years later, applications for the first phase of Starway Village are now open. Much of the project is still under construction, but it is expected to be completed in July. The complex's amenities include a pool, dog park, community rooms, business center and an exercise room. Starway Village's one-bedroom units are priced at $1,047 per month. Two-bedroom apartments are $1,252 and three-bedroom units are $1,442. For a two-person household in New Hanover, 60% AMI amounts to $47,640, according to a housing needs assessment conducted by Root Policy Research. The affordable monthly housing cost at this income level is $1,191. Households that spend more than 30% of their gross income on housing are considered cost burdened. Roughly 35% of New Hanover residents fall into that category. While the assessment did not provide data for larger households, the average household in New Hanover has slightly more than two earners. There are roughly 106,000 households in the county. For middle income renters who earn between $35,000 and $49,999 in New Hanover, the percentage of households that are cost burdened jumped from 41% in 2018 to 74% in 2023. Typical asking rent rose 57% in that time, while median renter income increased by 45%. The median gross rent in New Hanover was $1,466 in 2023, higher than the maximum affordable rent at median renter income was $1,320. While building affordable housing at 60% AMI is necessary, it's not enough to meet the demand in New Hanover. To keep up with projected growth, the county would need to create an additional 4,700 units priced below 50% AMI in the next decade. Across income levels, New Hanover needs 21,200 more units in that timeframe to accommodate for the area's increasing population. In addition to the rent cap at Starway Village, the complex accepts subsidies from the Housing Choice Voucher Program, commonly known as Section 8. The program provides vouchers to low-income tenants, ensuring that they only pay between 30% and 40% of their adjusted monthly income. Daniel Sheehan covers the city of Wilmington and New Hanover County for the StarNews. Reach him at dsheehan@ This article originally appeared on Wilmington StarNews: Starway Village affordable housing opening in Wilmington, NC
Yahoo
28-04-2025
- Business
- Yahoo
Here's how Albuquerque used the $23 million Housing Forward Fund
Apr. 27—The city of Albuquerque in recent years spent about $23 million on affordable housing projects, which included a costly staircase repair, motel conversions and seed money for commercial-to-housing transformations of iconic Albuquerque towers. A funding review presented to the Albuquerque City Council last week highlighted how the Housing Forward Fund, created in 2022 and 2023, was spent, even as some councilors questioned why a significant portion of the fund was used for maintenance. Like much of New Mexico, Albuquerque is struggling with an affordable housing crisis, a major contributor to homelessness. A 2024 Denver-based Root Policy Research report, titled "Albuquerque Region Housing Needs Assessment," found a significant shortage of units for low-income renters. Additionally, the report found that residents were spending more than a third of their monthly income on housing and that occupied units, such as apartments and single-family homes, often had more residents than rooms available. In 2022, Mayor Tim Keller announced "Housing Forward ABQ," intending to grow the city's affordable housing stock by 5,000 units. As part of the initiative, the Mayor's Office sought to convert motels into housing and reform zoning laws. That same year, the City Council appropriated $20 million of gross receipts taxes for the Housing Forward Fund. The following year, the council added another $3 million to the fund. Most of the money has been spent. The council questioned spending $3.3 million to renovate a stairway at the Beach Apartments . "Three-point-three million is a lot of money to fix stairs," Councilor Renée Grout said during the meeting, adding that she thought the costly repair should've been avoided. The Beach Apartments, in the 2500 block of Tingley Drive SW, were built in 1984 and acquired by the city in 1991. The apartments contain 74 units. Residents in 23 units were removed so that construction could occur. The report noted that the affected residents were "given proper notification and relocation benefits." "The particular architect, although a famous architect and really good in terms of designs, created some structural issues," said Joseph Montoya, deputy director for Health, Housing and Homelessness. "So what they did is they created a stairway case that was actually attached to the structure itself and then covered everything up." Montoya said the staircase was necessary because it played a foundational role in the building's structure. He added that the repairs were ongoing. Conversions were another major highlight of the report. For example, the fund was used to convert SureStay Motel into the Los Altos Lofts, 10330 Hotel Ave NE. The report noted that the property near Los Altos Park was acquired in 2023 for $5.7 million, funded by a combination of state and federal grants. The city then contributed about $6.1 million from the Housing Forward Fund for construction . The Los Altos Lofts now contain 90 affordable housing units with kitchenettes and a swimming pool. Montoya told councilors the project has no debt and operates off of revenue generated from tenants. As of February 2024, the report found that 95% of the units have been leased. While the SureStay Motel conversion was successful, the conversion of the former Quality Suites in the 1500 block of Gibson SE failed. In 2024, the city planned to purchase the property for $5.3 million from the Housing Forward Fund and sent an offer letter to the property owners. The report stated the property was attractive to the city due to its large units and kitchenettes. "However, during its inspections, there were considerable environmental, structural and system concerns that made the project cost-prohibitive to move forward," the report stated. Ultimately, the city only spent $6,600 on the inspection. The Housing Forward Fund was also used for the West Mesa Ridge A in the 700 block of Coors NW. Once complete, this mixed-use development will have 128 affordable housing units. Approximately $3 million was allocated to redevelopment efforts aimed at converting iconic commercial buildings, such as the Lomas Tower and the Two Park Central Tower, into rental units. Earlier this year, the City Council allocated $1.5 million to improve the energy efficiency of the city's 594 units across eight apartment communities. The city used $776,638 for overhead costs.
