RALEIGH— North Carolina’s economy got a big boost in 2018, thanks to $2 billion in real estate activity financed by the North Carolina Housing Finance Agency. This represented an increase of 50 percent in just three years and nearly 100 percent since 2014.
“2018 was a great year for the Agency and for North Carolina citizens who need affordable housing options,” said Scott Farmer, executive director of the NC Housing Finance Agency. “We financed nearly $1 billion in affordable mortgages, providing opportunities for buyers who would otherwise have been kept out of the market. Renters will benefit as well. The Agency awarded a record amount of tax-exempt bond volume—more than $300 million—which will double the number of apartments that can be produced by Housing Credits alone.”
Affordable housing investments made in 2018 will produce 13,690 homes and apartments, support 18,750 jobs and generate $55.3 million in tax revenue. Building affordable housing not only supports jobs and small businesses statewide but puts money into local communities during and after construction. Last year’s work infused half a billion dollars in wages and spending into the state’s economy.
The Agency leverages public funds with private investments to offer rental, home ownership and home rehabilitation programs that improve communities, reduce housing instability and help save public health dollars. Research has proven that children who grow up in housing their families can afford have better access to high-quality education and higher achievement in school. In addition, people in stable, affordable housing are more likely to have the financial resources to meet health needs and access primary care, reducing their dependence on costly emergency room visits.
“We are seeing more and more around the importance of housing as a social determinant of health and how it intersects with education, transportation, employment and health care,” Farmer said. “I’m proud that our Agency’s accomplishments in 2018 will have such a long-range impact on North Carolina and its citizens.”
More information about the Agency’s work as well as the impact of affordable housing investments on health, education, communities and the economy can be found at 2018.HousingBuildsNC.com.
The North Carolina Housing Finance Agency, a self-supporting public agency, has financed 282,080 homes and apartments since its creation in 1973.