WILMINGTON, N.C. (WECT) – Estrella Landing, an affordable housing development located in Wilmington, has recently secured an $8.4 million low-income housing tax credit from Live Oak Bank, as announced by the bank.
This investment will fund the 84-unit family property at 4611 Gordon Road, which opened its doors this summer. The project, developed by Terroir Development, LLC, consists of three residential buildings offering one- to three-bedroom apartment units, with rental prices restricted to 30% to 60% of the Area Median Income (AMI). The property management will be handled by Norco Management Holding, Inc.
Live Oak Bank expressed pride in its commitment to affordable housing within the community, highlighting that such investments play a crucial role in workforce development and enhance opportunities for local residents.
“I am thrilled that Estrella Landing is owned and managed by companies based right here in New Hanover County,” said a representative involved in the project. “In my two decades of experience in affordable housing development, it’s uncommon to see a partnership like this, and we are hopeful for more collaborations in the future. Our primary objective remains to create safe and appealing housing that our residents will cherish as their home.”
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