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Cape Fear Regional CDC

Cape Fear Regional Community Development Corporation (CFRCDC) is a non-profit housing, community and economic development organization formed in 1987 and located in Wilmington, North Carolina. The CDC’s mission is providing information, education and counseling related to home ownership and entrepreneurship to low and moderate income residents of the greater Cape Fear region and facilitating and administering community and economic development programs in cooperation with other community organizations and local units of government.

Over the past 25 years, CFRCDC has helped more than 700 families avoid foreclosure; completed comprehensive or urgent housing repairs for 151 lower-income families; built 25 new, affordable homes, which were sold to lower-income families; rehabilitated 12 abandoned or foreclosed homes and sold or rented them to low-to-moderate income families; and nurtured more than 60 small businesses.

CFRCDC, a certified housing counseling agency, also keeps a toolbox full of programs to help low-to-moderate income families with housing. In these years of economic distress, foreclosure prevention is its most popular. One such program is geared to individuals who lost their job after 2008. Qualifying individuals receive a deferred loan to cover their mortgage payments for up to three years, time they can use to retrain for another job and get back on their feet. If they stay in their homes for 10 years, the loan is forgiven.

CFRCDC also helps low-to moderate-income families acquire housing. CFRCDC builds homes and rehabilitates houses that appear irredeemable. These houses are built or transformed with fine craftsmanship and features such as granite counters and hardwood floors. The organization then sells or rents them to qualifying families at affordable prices. CFRCDC helps families obtain low-interest mortgages, too.

Education is another CFRCDC service. Its home buyers' education class teaches how to get a loan, maintain a house and work with a realtor or lender. Its financial literacy class teaches the cost of credit, how to read a credit report and what constitutes an acceptable amount of debt.

Also, through its small business incubator program, CFRCDC provides reduced rent to new businesses.

Though CFRCDC focuses on families, its work benefits the entire community. Keeping families in their homes and rehabilitating deteriorating houses helps the tax base and fosters a stable community, Turner said.

CFRDC is a member of the NC Housing Coalition because, “we wanted to support the advancement of non-profit housing development and we believe the Coalition provides useful and timely updates on the issues and regulations that affect our industry.”

To learn more about CFRCDC, visit their website.

 

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