Organizational Profile and History

The North Carolina Housing Finance Agency is a self-supporting public agency. The Agency’s mission is to create affordable housing opportunities for North Carolinians whose needs are not met by the market. Since its creation in 1973 by the General Assembly, the Agency has financed nearly than 176,000 affordable homes and apartments, totaling more than $10 billion.

The Agency provides financing through the sale of tax-exempt bonds and management of federal and state tax credit programs, the federal HOME Program, the state Housing Trust Fund, and other programs.

What we offer

Using these resources and its own earnings, the Agency:

offers low-cost mortgages and downpayment assistance for first-time home buyers
finances affordable homes and apartments developed by local governments, nonprofit organizations, and private owners
finances the development of housing for people with special needs
finances the rehabilitation of substandard owner-occupied homes
administers HUD rent assistance contracts for 24,000 privately owned apartments statewide.

Summary of N.C. Housing Finance Agency Programs

2006 Report on Achievements

Our operations

The Agency’s operations are overseen by a geographically diverse 13-member Board of Directors. The Governor, President of the state Senate, and Speaker of the state House of Representatives each appoint four members, and these 12 members elect a thirteenth. The Board of Directors appoints the Agency’s Executive Director, subject to approval by the Governor; and the Executive Director hires all staff. The Agency’s statute describes its board composition, general powers, program authority, and financing capability.

The Agency reports its budget through the Office of State Budget and Management in the Governor’s Office. Its financial accounts are audited annually by an independent auditing firm. The Agency’s bonds are rated AA by Standard and Poor’s and Aa2 by Moody’s.

Measurable results

In 2006, the Agency’s work:

financed 6,900 affordable homes and apartments
financed $730 million in real estate activity
administered rent assistance for 24,020 North Carolina families
generated 7,000 construction jobs
produced $68 million of state and local tax revenues
kept its operating expenses to 1.2% of the real estate activity it leveraged.

Where the money comes from

The following fact sheets describe the financing that the North Carolina Housing Finance Agency uses to create affordable housing opportunities across the state.

Facts on the Mortgage Revenue Bond Program

Facts on the Federal Low-Income Housing Tax Credit Program

Facts on the State Housing Credit

Facts on the Federal HOME Program

Facts on the Housing Trust Fund