In a historic milestone for local education, the Dare County Board of Commissioners unanimously approved a $1.15 million capital commitment to help fund the expansion of the Dare Education Foundation’s (DEF) 12-unit teacher housing development at Run Hill Ridge in Kill Devil Hills.
This landmark contribution represents a significant step forward in addressing the critical need for affordable housing for local educators, bringing DEF’s county-wide housing inventory from 36 to 48 units. Developed in close alignment and coordination with Dare County Schools leadership, this project stands as a testament to what can be achieved through strong public-private collaboration.
“This is a monumental win for the Dare Education Foundation, our schools, and most importantly, our educators,” said Benjamin Sproul, Executive Director, Dare Education Foundation. “The Board of Commissioners’ unanimous vote is a powerful endorsement of our vision. By investing in housing, Dare County is directly investing in the recruitment and retention of the best and brightest teachers for our children.”
“On behalf of our current staff members who are on the teacher housing waitlist, as well as the countless Dare County Schools employees who will benefit from these additional units in the future, I want to extend a huge thank you to the Dare County Commissioners, the Dare County Board of Education, the Dare Education Foundation and TowneBank for their willingness to expand this tremendous benefit and support our on-going efforts to recruit high-quality educators throughout Dare County Schools,” said Dare County Schools Superintendent Steve Basnight.
Unlocking Public-Private Synergy
The County’s $1.15 million injection serves as the vital catalyst to unlock a spectacular private financing package with TowneBank. Through this partnership, TowneBank is providing a $3.5 million mortgage at an exceptional 2.9% interest rate, paired with an additional $100,000 direct cash donation to the project. These terms represent a massive reduction in borrowing costs, saving DEF thousands of dollars each month and more than a million dollars over the life of the loan. These substantial savings will directly fund the Foundation’s core mission, allowing DEF to provide enhanced support to local teachers through instructional grants and continuing education reimbursements.
Shovels Ready for Rapid Execution
To eliminate execution risks and cap rising construction costs, DEF has finalized a comprehensive Design/Build agreement with Overton Contracting. With the agreement locked in and funding secured, construction is poised to begin swiftly, targeting an aggressive completion timeline of less than 18 months.
Key Project Details at a Glance
Total Scope: 12 brand-new, 2-bedroom units at Run Hill Ridge.
Total Impact: Boosts DEF’s total teacher housing inventory by 33%, from 36 to 48 units county-wide.
Funding Breakdown: $1.15M from Dare County, $3.5M mortgage via TowneBank (at 2.9% interest), and a $100,000 direct gift from TowneBank.
Timeline: Construction expected to wrap up in under 18 months under the management of Overton Contracting.
About the Dare Education Foundation
The Dare Education Foundation is a non-profit organization dedicated to supporting the students, teachers, and schools of Dare County. Through innovative programs, grants, and affordable housing initiatives, DEF works hand-in-hand with Dare County Schools to foster educational excellence and ensure educators have a place to call home within the community they serve.
About Dare County Schools
Dare County Schools is a high-performing public school district serving nearly 5,000 students from Duck to Hatteras Island. The district consistently ranks among North Carolina’s top-performing school systems in academic achievement and graduation rates while providing innovative programs that prepare students for college, careers and beyond.
The district serves students through 12 schools, including five elementary schools, two middle schools, one secondary school, two high schools, one early college and one alternative school. Dare County Schools’ mission is to do what is best for students and increase outcomes for all students.
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