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Developer faces funding crisis halting major construction project

September 04, 2024 | Apex, Wake County, North Carolina


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Developer faces funding crisis halting major construction project
Evergreen Construction's housing project is currently stalled due to a funding gap exceeding $4 million, raising concerns about its feasibility. Discussions are ongoing between the developer and county officials to explore options for bridging this financial shortfall. While the total project cost remains unclear, estimates suggest it could be around $20 million, indicating significant financial hurdles ahead.

In related efforts, the town has partnered with Rebuilding Together of the Triangle since 2021 to assist residents with essential home repairs aimed at preserving housing quality and ensuring safety. This initiative, funded by the Town's Affordable Housing Fund, has successfully completed repairs on six homes in the most recent fiscal year, averaging $25,920 per unit. The program aims to address hazardous structural conditions and support residents in aging in place, highlighting the town's commitment to affordable housing solutions amidst ongoing challenges.

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Scribe from Workplace AI
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