RALEIGH—More than 44% of North Carolina renters pay over 30% of their income for housing and are considered cost-burdened, unable to find safe housing they can afford close to jobs, schools and health care. In Tabor City, where 40% of its renters are cost-burdened, new affordable apartment homes will bring some economic relief to dozens of families.
Tabor Landing will hold a grand opening and ribbon-cutting ceremony on Monday, May 20, at 10:30 a.m., at 10 Tabor Landing Drive in Tabor City.
A new, five-building apartment development, Tabor Landing will provide 48 apartment homes within two miles of local schools, public libraries, medical centers and a grocery store for families who are at or below 60% of the area median income. The development includes six units equipped for residents with mobility impairments. The complex also features a community center, computer center and laundry facility.
Tabor Landing was funded in part by federal Housing Tax Credits, administered by the North Carolina Housing Finance Agency. The Agency awards Housing Credits every year under a highly competitive process, receiving three to four applications for every one that receives credits. In exchange for the financing provided through the Housing Credit, owners agree to keep rents affordable for a period of 15 to 30 years for families and individuals with incomes at or below 60% of the local median income. The Housing Credit has financed nearly 100,000 apartments in North Carolina for seniors, working families and people with disabilities.
“Families in Tabor City will now have more affordable options thanks to Tabor Landing,” said Scott Farmer, executive director of the NC Housing Finance Agency. “This development is yet another example of how affordable housing investments can impact communities and their residents.”
For more information about the North Carolina Housing Finance Agency and how it finances affordable housing statewide, visit 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.