Wilmington launches $8.4M subsidy program for affordable housing

Wilmington Mayor John Carney has opened applications for an $8.4 million fund intended to subsidize developers in the construction of affordable housing. The initiative follows a period of debate within the City Council regarding the allocation of city funds, specifically whether to prioritize direct assistance for residents in need or to provide subsidies to developers to increase housing supply.

The approved $8.4 million represents a compromise, as it is approximately half of the amount originally proposed by the mayor’s office to be drawn from the city’s tax stabilization account. Mayor Carney stated that the funding is a commitment to creating and preserving homes that allow families, seniors, and working residents to remain in their communities.