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Live Oak Bank Invests $8.4 Million to Expand Affordable Housing in New Hanover County
Live Oak Bank has announced an $8.4 million low-income housing tax credit (LIHTC) investment to support Estrella Landing, an affordable housing development in Wilmington.
Live Oak’s investment provides funding for the 84-unit family property at 4611 Gordon Road, which opened this summer. Terroir Development, LLC, is developing the project and the property includes three residential buildings with one- to three-bedroom apartment units restricted to 30% and 60% of Area Median Income (AMI). Norco Management Holding, Inc., is the property management firm overseeing leasing and operations.
“Live Oak is proud to make an investment in affordable housing in our own community,” said William C. (BJ) Losch III, president of Live Oak Bank. “We believe supporting affordable housing directly impacts workforce development and advances the opportunities of residents of our region.”
Stephanie Norris, developer for Norco Management, which manages Estrella Landing and specializes in affordable housing developments for families and seniors across North Carolina, said the investment from Live Oak Bank and other funding sources from Cape Fear Collective, New Hanover County, the N.C. Housing Finance Agency and the N.C. Office of Recovery and Resiliency have created a public-private partnership that benefits residents directly in Wilmington.
“I am beyond excited that Estrella Landing is owned and managed by companies based in New Hanover County. In my 20 years of affordable housing development experience, this is a rare opportunity for a partnership like this to occur and we hope for more to continue,” said Norris. “Our team’s sole mission is to create safe and attractive housing that our residents are proud to call home.”
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