The application portal is open for an affordable housing subsidy program in Wilmington.
Mayor John Carney recently announced the opening of the portal where developers and community development partners can apply for funding from the city’s Affordable Housing Development Subsidy Program
$8.4 million is available, which city officials hope will help strengthen neighborhoods, expand housing opportunities and promote long-term neighborhood stability across Wilmington.
Wilmington’s Director of Real Estate and Housing Bob Weir says this program should help at a time when federal funding might be reduced.
"If that's reduced, then that's also going to reduce some of the growth of the city, and so this is a big thing, as far as affordability,” said Weir. “When we talk about the definition of affordability, it makes it a little bit clearer to people that are building these homes who they're marketing to, and then, of course, the end users, we're looking to provide safe, warm and dry housing that is something that they can afford."
The city advises those applying that projects should advance the goal of increasing the supply of affordable housing, preserving existing affordable units and fostering vibrant, stable neighborhoods throughout the city.
"The mayor's concept here, and his belief is that it's a supply side problem. It's also a situation where supply and demand when you talk about say for instance rents. Part of the situation in the city of Wilmington is that there are rents that are pretty flat across all neighborhoods, and the demand keeps them that way," said Weir.
Weir notes if you have 500 more affordable units in the city, then the supply and demand changes.
Complete funding proposals must be submitted no later than Monday, August 31.
Mayor Carney and Wilmington City have sparred over plans to address affordable housing in the city, with Carney vetoing a Council ordinance to create an affordable housing trust. An effort by Council to override that veto failed last month.
