Financial Awards Database

N.C. Housing Finance Agency Financial Awards Database

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 191,000 affordable homes and apartments, totaling more than $11 billion.

The Agency provides financing through the sale of tax-exempt bonds and management of tax credit programs, the federal HOME Program, the N.C. Housing Trust Fund, and other programs. The Agency also administers federal funds awarded under the National Foreclosure Mitigation Grant, the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009.

To view how the Agency has awarded federal and state funding, choose an Activity and then a Program. Or you can go directly to program and choose a funding source. This report includes data from the past three calendar years, starting 01/01/2008 and ending 03/15/2010.

FirstHome
	The FirstHome Mortgage is financed through the sale of mortgage revenue bonds. It offers 30-year, fixed-rate mortgages for first-time home buyers at interest rates that are below or competitive with market rates. The mortgages can be originated as FHA, VA, USDA, and conventional loans. Borrowers meet income and sales price limits, and other guidelines.
Mortgage Credit Certificate
	Mortgage Credit Certificates (MCCs) allow first-time home buyers to claim 20% of the mortgage interest they pay – up to $2,000 per year – as a credit on their federal income taxes. MCC home buyers must meet the same income and sales price limits as borrowers using the FirstHome Mortgage. To finance the MCCs, the N.C. Housing Finance Agency converts part of its authority to sell mortgage revenue bonds.
Neighborhood Stabilzation Loan Pool
	The Agency’s Neighborhood Stabilization Program provides five-year, zero percent, forgivable loans up to $14,900 for first-time buyers purchasing a foreclosed property. The assistance is in 23 counties. The loans are used in conjunction with the Agency’s FirstHome Mortgage. The funds were authorized in the Housing and Economic Recovery Act of 2008.
Statewide Downpayment Assistance Program
	Interest-free, deferred second mortgages of up to $8,000 are available for eligible buyers who use the FirstHome Mortgage. Downpayment assistance is financed with HOME funds.
New Homes Loan Pool
	The New Homes Loan Pool is available to nonprofit and government organizations that select and prepare home buyers, coordinate financing assistance for buyers, and either develop affordable homes or partner with local builders. The program provides gap financing through deferred, interest-free second mortgages of up to $25,000 for home buyers with incomes below 80% of the area median. The mortgages are financed through the HOME Program and the N.C. Housing Trust Fund.
Self Help Loan Pool
	The Self-Help Loan Pool assists self-help housing organizations, such as Habitat for Humanity, to build homes for their clients. The program provides a mortgage that is combined with the nonprofit’s funding to give the borrower one affordable, interest-free mortgage. This assistance is available to home buyers with incomes below 80% of the area median income. The mortgages are financed through the HOME Program.
Individual Development Account Loan Pool
	Individual Development Accounts (IDAs) are savings accounts matched with donations from a government agency, nonprofit organization or private company. IDAs enable lower-income people to save for home ownership. The Individual Development Account (IDA) Loan Pool complements this assistance by providing deferred, interest-free loans up to $25,000 to home buyers. The assistance is financed through the HOME Program.
Housing Tax Credit
	The N.C. Housing Finance Agency finances the statewide construction of affordable rental apartments using federal Low-Income Housing Tax Credits (Housing Credits) awarded annually through a competitive application process. Housing Credit apartments are privately owned and privately managed. In exchange for the financing provided through the tax credits, owners agree to keep rents affordable for 30 years for families and individuals with incomes at or below 60% of the local median income. The Agency monitors the properties to ensure that rents and residents’ incomes do not exceed program limits and that the apartments are well-maintained.
Rental Program Loan
	Rental Production Program (RPP) loans are often awarded in conjunction with federal tax credits to finance rental developments for families earning 60% or less of the area median income. The loans are awarded through an annual competitive cycle that ensures equitable distribution among the three geographic regions of the state and between metropolitan and urban areas. The loans are funded through the HOME Program and the N.C. Housing Trust Fund.
Tax Credit Assistance Program
	The Tax Credit Assistance Program (TCAP) provides direct federal investment in 2009 awarded Low-Income Housing Tax Credit properties with the intention of helping secure private investment for the housing credits. The state received $52 million, which the Agency awarded to 10 properties in 10 counties. Funding for TCAP was included in the American Recovery and Reinvestment Act of 2009
Preservation Loan Program
	The Preservation Loan Program (PLP) provides loans of up to $1 million for the rehabilitation and preservation of existing affordable housing developments. PLP requires that the greater of five apartments or 10% of all units be targeted to persons with disabilities. The loans are funded through the Agency’s Rental Production Program, and financed through the HOME Program or the N.C. Housing Trust Fund.
Single Family Rehabilitation
	The Single-Family Rehabilitation Program provides funds to local government and nonprofit agencies to pay for the comprehensive rehabilitation of single-family homes owned and occupied by low-income elderly or disabled people. Homeowners’ income cannot exceed 80% of the area median. Qualified homeowners receive an interest-free, deferred loan, forgiven at $3,000 per year, to pay for the necessary home rehabilitation. The program is financed through the HOME Program.
Urgent Repair Program
	The Urgent Repair Program provides funding to local organizations to finance grants for emergency home repairs for elderly homeowners and homeowners with special needs. Recipients have household incomes below 50% of the area median. The grants also are used for accessibility modifications that enable homeowners to continue living in their homes after an injury or illness. The N.C. Housing Trust Fund is the primary source of financing.
Displacement Prevention Partnership
	The Displacement Prevention Partnership pays for accessibility modifications for homeowners not served by an organization with Urgent Repair funding. The Agency provides funding for this purpose through Independent Living, a unit of the Division of Vocational Rehabilitation of the N.C. Department of Health and Human Services. The program is financed mostly through the N.C. Housing Trust Fund.
Home Energy Loan Program
	The Duke Home Energy Loan Pool (HELP) funds energy-efficiency improvements as part of a comprehensive home rehabilitation by a member organization. Recipients are Duke Energy customers with incomes below 80% of the area median. HELP assistance is provided to the homeowner in the form of an interest-free loan, forgiven at $1,000 per year. The Loan Pool is funded by Duke Energy Carolinas, a subsidiary of Duke Energy Corporation.
Supportive Housing Development Program
	The Supportive Housing Development Program (SHDP) provides permanent, interest-free loans up to $500,000 to nonprofits and local governments to develop emergency, transitional and permanent housing for persons who are homeless or have disabilities. Beneficiaries’ incomes are below 50% of median. The SHDP 400 Initiative provides capital and operating assistance to fund independent, permanent housing for persons with disabilities on SSI. Both programs are financed through the N.C. Housing Trust Fund.
Home Protection Program
	The Home Protection Program helps workers who lose their jobs as the result of changing economic conditions avoid foreclosure of their homes. The program provides counseling and loans of up to $24,000 for qualified homeowners while they seek employment or train for a new job. The program is financed by a recurring appropriation by the N.C. State General Assembly.
National Foreclosure Counseling Program
	The National Foreclosure Counseling Program provides grant funds for counseling agencies statewide to provide counseling services and referrals for legal assistance to families facing foreclosure, regardless of the reasons behind it. The program is administered by Neighborworks® America and managed in North Carolina by the N.C. Housing Finance Agency. Congress provided funding in the 2008 Consolidated Appropriations Bill.

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