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County creates housing capital repair grant fund from sale proceeds; $545,679.53 set as cap
Summary
Pender County approved a budget ordinance amendment to establish a grant funding program using $545,679.53 in proceeds from the prior sale of Country Court Apartments to fund capital repairs at HUD/tax‑credit apartment facilities on a project basis.
Pender County commissioners on May 19 approved a budget ordinance amendment to establish a capital needs grant program funded by proceeds from the prior sale of Country Court Apartments. The amendment creates a program through which HUD‑assisted or tax‑credit apartment facilities may apply for project‑based capital repairs; the total available pool was identified as $545,679.53.
Program details - County staff described the program as a limited, project‑based grant process to reinvest proceeds from the Country Court Apartments sale into multifamily housing capital needs. The program will accept applications from qualifying apartment facilities and recommend awards on a project basis up to the available fund balance. - Staff said the county will not expend more than the sale proceeds and that actual awards will depend on submitted requests and staff recommendation.
Board action - Commissioners voted to approve the budget ordinance amendment and the creation of the grant funding mechanism during the meeting; the motion passed by voice vote.
Why this matters - The action repurposes a previously received asset sale into targeted housing capital support, intended to address maintenance and capital shortfalls at HUD‑ or tax‑credit‑assisted units in Pender County. Staff will bring a program guide and application process to the board for implementation following policy development.
