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Issue 4:

ECCDI has had a very busy summer. With the successful completion of Edenbridge, its 40 unit senior housing development in Morehead City, and the speed of its lease up process, it is further evidence that quality, affordable housing is greatly needed and welcomed in eastern North Carolina. Currently, ECCDI has two projects under construction, Emmerdale in Jacksonville and Castle Glen in Newport.

Emmerdale will be a 46 unit design specifically for families. Located in the Carolina Forest area of Jacksonville, Emmerdale will offer affordable modern living, in a one, two or three bedroom apartment, ideally situated close to schools, shops and hospitals. Several of the buildings are completed and completion of the entire project is expected in the next several weeks and before December 2007. Castle Glen in Newport has just completed site clearing and early work has begun on the foundations. Castle Glen will be 32 units, specifically built for seniors. Completion of this project is expected in Spring, 2008.  

As the demand dictates, ECCDI is in the pre-development stage for two other projects. Glenstal, a proposed 64 unit garden bedroom senior development located in Jacksonville, and Meadow’s Gate, a proposed 120 unit multi-family development also in Jacksonville.

ECCDI’s Rural Venture Program under the USDA IRP has had a busy year. On Wednesday, April 4th, 2007, Sen. Richard Burr visited Carteret County along with the NC State Director of USDA Mr. John Cooper and presided over a ribbon cutting and check presentation for IRP loan recipients Pirate Queen Paddling. The entourage then continued to Crystal Coast Habitat for Humanity where another check presentation was made to Kris Durham, Executive Director of the local office of Habitat for Humanity.  This was a wonderful day for ECCDI and Carteret County, with great acknowledgment being made to these businesses and their contribution to the local economy. ECCDI continues to loan money to businesses who may not find financing through conventional methods. ECCDI is happy to say that since its relationship begun with the USDA Intermediary Relending Program, it has made loans of over $4,659,000 to 20 businesses in eastern North Carolina.