Press Contact Only:
Margaret Matrone, NCHFA, 919-877-5606,
Connie Helmlinger, NCHFA, 919-877-5607,
Congressman David Price and Hillsborough Mayor Tom Stevens will speak at the groundbreaking for Eno Haven In Hillsborough, an $8.8 million development that offers 76 apartments for seniors who earn 60 percent or less of median income. The community is being developed by TBLF, LLC, using federal “Exchange Funds” awarded by the NC Housing Finance Agency.
Speakers: Congressman David Price
Tom Stevens, mayor, Hillsborough
Bob Kucab, executive director, NC Housing Finance Agency
Sherrod Banks, manager, TBLF, LLC
Date/Time: Nov. 24, 10 a.m.
Location: 811 U.S. 70a East
From I-40, take exit 266 and head north on NC 86 to Business 70. Turn right, and Eno Haven Apartments will be immediately on right.
Onsite Contact: Will Parry-Hill, 919-622-8236
The “Exchange Funds” were authorized under the American Recovery and Reinvestment Act of 2009 (ARRA) to allow housing credit apartment developments that were stalled by the economy to go forward. The 20-year-old federal housing credit encourages private investments to build privately owned rental housing affordable to lower income families. As the contraction of the market has made traditional investors cautious, housing credit projects across the country have been put on hold.
North Carolina received $95 million in August to jump-start stalled developments in the state. The NC Housing Finance Agency provided the funds to 36 rental developments in 26 counties that had received housing credits in 2007 and 2008 and applied for the assistance. Eno Haven will receive $5.3 million in Exchange Funds.
The Agency finances the statewide construction of affordable rental apartments using federal and state housing credits, low-interest loans, and tax-exempt bond allocations. In addition, the Agency administers the state’s Housing Trust Fund, which finances independent living apartments for people with disabilities in many Housing Credit properties. Eno Haven received $500,000 from the Trust Fund.
“The Exchange Funds will help spur development across the state, creating work and enhancing local tax bases,” said Bob Kucab, executive director of the Agency. “Congressman Price has long supported affordable housing and his support of the Exchange Fund program is helping North Carolina in its economic recovery.”
The North Carolina Housing Finance Agency is a self-supporting public agency. It has financed 191,000 affordable homes and apartments in the last three decades, including nearly 80,000 homes for first-time home buyers. To learn more, go to www.nchfa.com or call 919-877-5700 or 800-393-0988.