Rental Preservation Loan Program
The North Carolina Housing Finance Agency Rental Preservation Loan Program (RPLP) is intended to preserve existing affordable rental housing in North Carolina by providing financing for the acquisition and rehabilitation needs of affordable rental properties currently in the Agency's rental investment portfolio.
The primary goal of RPLP is the preservation of affordable housing stock in North Carolina. The Agency anticipates assisting properties that are facing one or more of the following characteristics:
- Approaching or already passed expirations of affordability requirements and/or a maturing Agency loan (program requirement)
- A need for debt restructuring that strengthens project sustainability and increases project affordability
- Located in areas without external investor appeal to maintain housing quality and/or affordability restrictions
- Located in areas in the state that are experiencing displacement, gentrification or exclusion of low-income households
RPLP will provide long-term financing, in the form of a 0% interest, permanent mortgage loan, which can be forgiven upon request by the Applicant but at the Agency's sole discretion. RPLP will utilize primarily HOME Investment Partnerships Program (HOME) and National Housing Trust Fund (NHTF) dollars, as well as other sources of funds at the disposal of the Agency, based on availability. Regardless of project ranking, awards are contingent on the project meeting the requirements of the available funding source.
RPLP Program Guidelines
To learn more about the program requirements and application time, please review the following materials:
RPLP Federal Cross-Cutting Statutory & Regulatory Requirements Overview
RPLP Project Description & Questionnaire
Sample Housing Authority PBA Letter
Multi-Family Rehabilitation Standards
RPLP Energy Efficiency Standards
County Income Designations
Sample Project Needs Analysis (PNA)
Required Documentation for Final Commitment Letter and Loan Closing
How Do I Apply for Funding?
All interested applicants, after reviewing the RPLP Program Guidelines, must submit the RPLP Project Description & Questionnaire by February 9, 2024 at 5 p.m. Submission instructions can be found above in Appendix B.
Agency staff, after reviewing the submitted Project Description & Questionnaire, will either send a notice to proceed with full application or a notice of failure to meet threshold requirements. If a notice to proceed with full application is received, the applicant must submit the full 2024 RPLP Application Part 1 and Part 2 by March 25, 2024 at 5 p.m. There are two parts to the full application:
- RPLP Application Part 1: A narrative, project description, anticipated rehabilitation scope of work and several required exhibits.
- RPLP Application Part 2: A development budget, sources of funds, income/expenses and pro forma.