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Cape Fear Collective acquired 20 properties to preserve as affordable housing using investment funds from Live Oak Bank. (Port City Daily photo/file)
SOUTHEASTERN N.C. – As part of its new impact investment initiative, Cape Fear Collective is buying up properties to preserve as affordable housing in the midst of a hot residential real-estate market.
Live Oak Bank has invested $2.5 million in support of the local organization’s new initiative, Cape Fear Collective Ventures. The project focuses on obtaining capital to put toward solutions for affordable housing, as well as workforce development, small business growth and transportation.
The collective will strategically deploy the funds in marginalized communities without many resources readily available.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Live Oak Bank Announces $2.5 Million Investment with Cape Fear Collective to Bring Affordable .
Live Oak Bancshares, Inc.February 4, 2021 GMT
WILMINGTON, N.C., Feb. 04, 2021 (GLOBE NEWSWIRE) Live Oak Bank has announced a $2.5 million investment with Cape Fear Collective designed to support affordable housing solutions in the Wilmington region. The investment is part of a broader initiative through Cape Fear Collective Ventures, a social impact investment initiative aimed at raising capital to scale solutions in affordable housing, workforce development, small business growth and transportation challenges.