North Carolina to use $1.5 billion to increase affordable housing supply

May 2, 2024

North Carolina will allocate more than $1.5 billion to address the state’s affordable housing crisis.

The North Carolina Housing Finance Agency (NCHFA) received approval from the Local Government Commission (LGC) to issue $750 million in bonds supporting housing projects. There are 326,751 low-income households in North Carolina but only 130,930 affordable rental homes are available, according to the National Low Income Housing Coalition. The state created the NCHFA to address and combat the overwhelming shortage in affordable housing.

The NCHFA leverages a combination of private and public funds to finance and promote safe, affordable housing opportunities. Since 1974, the agency has spent nearly $32 billion to finance more than 310,000 homes and apartments. The NCHFA will use the $750 million to supplement the affordable housing supply for low- to moderate-income families.

Wake County was approved for $321 million in bond refunding and purchasing. The county will refund $184 million in general obligation bonds. In addition, the county will buy $137 million in limited obligation bonds to build and renovate school buildings and buy equipment.

The city of Charlotte will finance projects using $137 million in certificates of participation. The city will use the bonds to improve and renovate government buildings, procure vehicles and equipment, buy a helicopter and refinance prior debt obligations.

Other notable bond financing approvals include:

  • CarolinaEast Health System will use a $45 million unsecured line of credit to cover daily operations expenses.
  • Wilmington will issue $32 million in bonds to build a part of a sports complex and improve streets, streetscapes and riverwalks.
  • Inlivian Housing, a housing authority in Charlotte, will use $30 million to buy, rehabilitate and equip a multifamily residential rental facility for low-income residents.
  • Cleveland County Water will use $12 million to improve dams, eliminate sand buildup and prevent creek erosion.

Photo courtesy of NCHFA

Adam Rollins

Adam Rollins brings his expertise as a Researcher and Writer to the Managing Editor role for several of SPI's key publications, including Government Contracting Pipeline, Texas Government Insider, and the latest addition, Government Market News. With a rich background as a freelance Content Specialist, Adam has honed a passion for learning and information gathering, delving into various industries. His research and writing have spanned a range of topics, from artificial intelligence (AI) technology, conservation, and project outsourcing, to managed IT services and software development.

Holding a bachelor's degree in English from Texas State University, Adam's proficiency in message development is complemented by his robust research skills and seasoned writing experience. These attributes make him an invaluable asset to SPI, ensuring the delivery of insightful and impactful content to the company's clientele.

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