Federal tax credits and other financing awarded in 2019 will build $623.7 million of affordable apartments in 29 North Carolina counties. The work is expected to support more than 10,000 jobs and generate $29.7 million in state and local tax revenue.
North Carolinians with disabilities, experiencing homelessness or facing other special housing needs will gain more affordable housing options thanks to funding from the NC Housing Finance Agency. Through its Supportive Housing Development Program (SHDP), the Agency awarded $2.5 million to the following four properties.
While National Home Ownership Month is primarily focused on helping buyers purchase new homes this June, a North Carolina program is celebrating 25 years of keeping existing homeowners in their homes. The NC Housing Finance Agency’s Urgent Repair Program (URP) has helped 15,000 low-income homeowners, including seniors, veterans and persons with disabilities, remain in their homes by providing emergency repairs and accessibility modifications that can help them age in place and stay out of costly institutional care.
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 Lumberton, where affordable housing stock is still well under the demand made even more scarce by the recent natural disasters, affordable housing can be difficult to find.
The 64.8% home ownership rate at the end of 2018 represented a four-year high, a sign that more Americans are embracing the benefits of owning their own home. Not only is home ownership a key factor in building wealth, research shows that benefits extend to better education and health outcomes among homeowners and their families.
Many North Carolina seniors, especially those on fixed incomes or with disabilities, struggle to find affordable homes as they age. For seniors in metropolitan areas like Charlotte, the high costs of housing can quickly become a burden, reducing the finances that seniors may need for other costs like food and health care.
Finding safe, affordable housing can be a challenge for many North Carolinians, but even more so for persons with disabilities. The grand opening of M.S. Hayworth Court in Rocky Mount will provide more affordable housing options for this vulnerable population and create opportunities for individuals to live in independent and integrated settings.
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.
Finding safe, stable and affordable housing close to jobs, schools and other important amenities is a challenge for many North Carolina working families, particularly those with lower incomes. Families in Charlotte will soon find more affordable housing options, however, thanks to Platform Lofts, a future affordable apartment development that once complete will boast six buildings containing 198 affordable apartments.
The physical and financial burdens of home maintenance can sometimes become too much for low-income elderly and disabled homeowners, forcing them out of their homes and into costly institutional care. Help exists for vulnerable North Carolina households, however, thanks to $6.75 million awarded from the NC Housing Finance Agency to local partners statewide.
Vulnerable, low-income households in need of home rehabilitation in Cleveland, Cumberland and Richmond counties will receive help thanks to the NC Housing Finance Agency’s Essential Single-Family Rehabilitation Loan Pool, which finances this assistance through local governments and nonprofit agencies. These repairs help veterans, seniors and persons with disabilities stay in their homes, saving on health care and long-term care costs. Communities also benefit: the Harvard Joint Center for Housing Studies recently reported that home rehabilitation investments boost surrounding property values.
Many North Carolina families struggle to find safe housing that they can afford close to jobs, schools and health care. In High Point, dozens of families will now have a home to enjoy for years to come at Hartley Ridge, a new affordable apartment development.
Finding safe, stable and affordable housing in their communities is a challenge for many North Carolina seniors, particularly those with lower incomes. Mooresville and Kannapolis seniors will find the odds more in their favor, however, thanks to two soon-to-be-built affordable apartment developments for those aged 55 and over who are at or below 60 percent of the area median income.
Many seniors in North Carolina struggle to find safe housing that they can afford as they age. In Zebulon, dozens of senior households will now have a home to enjoy for years to come at Shepard Greene, a new affordable apartment development.
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.
Vulnerable, low-income households in need of rehabilitation and accessibility modifications in 28 counties will receive help thanks to $8 million from the NC Housing Finance Agency’s Essential Single-Family Rehabilitation Loan Pool (ESFRLP). These repairs help veterans, seniors and persons with disabilities stay in their homes, saving on health care and long-term care costs. Communities also benefit according to the Harvard Joint Center for Housing Studies, which recently reported that home rehabilitation investments boost surrounding property values.
More than 28,000 North Carolinians have held on to their homes during hard times thanks to a statewide effort that not only prevented foreclosures for those families, but preserved more than $5 billion in property value for communities statewide. The NC Foreclosure Prevention Fund, administered by the NC Housing Finance Agency and funded by the US Department of the Treasury’s Hardest Hit Fund, offers mortgage payment assistance to help North Carolina homeowners keep their homes while they recover from a temporary financial hardship.
The North Carolina Housing Finance Agency has awarded funding to six properties statewide to increase the state’s stock of affordable housing for veterans, North Carolinians with disabilities and those with other special housing needs. Through the Supportive Housing Development Program (SHDP), the Agency made a total award of $2.8 million in funding.