Bridal/BRIC Capital asks Lee County to renew $200,000 revolving loan; public hearing set decision for Dec. 16

Bridal Capital Community Development Corporation asked the Lee County Board of Commissioners on Dec. 2 to approve a three‑year extension of a $200,000 revolving loan the county made in 2021, and to change the loan interest rate from 3% to 6%. The board held a public hearing but did not take final action; the item is scheduled for the board's Dec. 16 meeting.

At the hearing, the applicant's representative identified himself as Kerry Beshaw and described the organization's housing work, including building 10 single‑family homes from the fund, purchasing two rental units and renovating two other homes. “With the county's funding, this is what we are able to do, and I greatly appreciate the opportunity to create housing opportunities,” Beshaw told commissioners. He said the organization has been making interest‑only payments and is asking only for a renewal of the existing line of credit, not additional principal.

The request in the agenda packet describes the county's revolving loan fund as originating from an earlier Golden Leaf economic development project and notes a 2019 policy amendment allowing loans for low‑income and affordable housing. The county staff said the hearing was informational and that no vote was scheduled on Dec. 2.

Public testimony at the hearing was uniformly supportive. Lisa Johnson, who said she lives in the Jackson Heights neighborhood and is employed by Family Promise of Lee County, described moving from subsidized rental housing into homeownership through the organization's program and urged commissioners to renew the fund for Bridal/BRIC Capital. “When you decide on your funding, please take my journey in consideration going from low income to affordable homeownership,” Johnson said.

Sharon Reed, who identified herself as a HUD‑certified housing counselor working with Bridal/BRIC Capital, said the group provides bimonthly homebuyer education and one‑on‑one counseling, including services in Spanish, and that the program served more than 240 families last fiscal year, with over 100 actively pursuing homeownership. “Renewing our funding source would potentially allow many more families to purchase their first home,” Reed said.

Commissioners asked clarifying questions about program eligibility and repayment. Commissioner Lubbock asked whether applicants would be limited to Lee County residents; Beshaw said the organization does not impose strict residency rules but that “the vast majority” of buyers to date were Lee County residents. Commissioner Vorbick and Commissioner Reeves asked about repayment status; county staff and the applicant said interest payments have been made and the principal remains outstanding while the applicant requested renewal.

Beshaw outlined two development projects he said would use leverage from the county loan: a Washington Avenue subdivision on about 17 acres near Horton Park and a Jackson Heights neighborhood revitalization. He said infrastructure funding secured so far includes roughly $950,000 from the State of North Carolina, $850,000 from the City of Sanford, $850,000 the county intends to contribute to the Washington Avenue infrastructure, and $450,000 from the Golden Leaf Foundation. He also said the Jackson Heights work has attracted roughly $5 million in state funds for neighborhood infrastructure and that the combined projects could yield roughly 75 single‑family homes plus a 16‑unit apartment building.

The public hearing was closed at the conclusion of testimony. No board vote was taken on Dec. 2; the board clerk said the item will return for formal consideration at the board's Dec. 16 meeting.

Why it matters: The revolving loan renewal would extend county funding that the applicant says has already produced homeownership and rental housing in Lee County and would be used to leverage state, city and philanthropic dollars for larger infrastructure and subdivision projects. Commissioners emphasized their interest in prioritizing local residents for affordable homeownership, but county staff and the applicant noted that some state and federal funding programs can limit the ability to restrict applicants by county.

Next steps: The board will consider a formal motion and possible vote on Dec. 16. The public hearing record and the applicant's letter are in the board packet.