Since its creation in 1994, the Initiative has
provided a steady stream of capital for
community economic development (CED)
work throughout North Carolina. While the
majority of our funding supports mature
organizations through the Core Operating
Grant Investment Program, we are also
keenly aware of the need for investment in
the future of the industry.

Thus to identify the next generation of
potential grantees and provide them with the
resources needed to grow, the Initiative
created the Targeted Investment Fund (TIF)
grant, an annual award of up to $60,000.
The TIF grant is an investment in CDCs that
have demonstrated their ability to structure a
bricks and mortar project but have not completed the project or that lack the organizational infrastructure to be competitive for the Initiative’s Core Investment grant. This annual award has enabled the Initiative to invest in a number of developing organizations, such as the Outer Banks CDC (OBX CDC).

Located in the Town of Kill Devil Hills,
OBX CDC has adopted a non-conventional
approach to affordable housing. Working in
step with local government officials, this
organization is expanding the boundaries of
inclusionary zoning (IZ) in North Carolina.
The CDC has designed and implemented
three voluntary IZ ordinances in as many
years, in Kill Devil Hills, Manteo, and
unincorporated Dare County.

When North Carolina residents picture the
Outer Banks, the last thing that comes

to mind is an affordable housing problem. Instead, this coastal region immediately conjures up images of secluded beaches, sparkling water, or more simply, paradise.

Yet this narrow stretch of barrier islands is one of the least affordable places to live in the state. As a result, towns like Kill Devil Hills have had an extremely difficult time finding and retaining essential workers,

retaining essential workers, to include school teachers, police officers, nurses, and firemen.

Chuck Poe, the executive director of OBX CDC, was also the organization’s first employee. With land prices soaring to unprecedented levels, OBX CDC was determined to find (cont. on pg 2)