The North Carolina Department of Commerce has unveiled a significant step towards rebuilding communities impacted by Hurricane Helene. Through the Division of Community Revitalization, they announced a new funding initiative aimed at enhancing the availability of affordable rental housing in affected areas.
$70 Million Boost for Housing
A Notice of Funding Opportunity (NOFO) has been issued, revealing that $70 million in federal funding is now open for proposals. This initiative is part of the Renew NC program, which aims to provide stable housing options, thereby enhancing regional resilience against future disasters. Read more about the NOFO here.
Governor Josh Stein emphasized the urgency of this initiative, stating, “Hurricane Helene destroyed thousands of rental properties. Western North Carolinians need safe places to live. Through this new Renew NC program, we will build safe, affordable rental housing that will provide families with stable homes and strengthen the long-term resilience of the region.”
Focus on Multi-Family Housing
The Multi-Family Construction and Repair (MCR) Program, a key component of Renew NC, targets multi-family properties with five or more rental units. The program supports both the rehabilitation of existing structures and the development of new housing. Projects that do not qualify for Low-Income Housing Tax Credits (LIHTC) can benefit from this funding, as it follows a unique track within the program.
Administered through the state’s Division of Community Revitalization, Renew NC is backed by a $1.4 billion Community Development Block Grant Disaster Recovery (CDBG-DR) grant from the U.S. Department of Housing and Urban Development (HUD). Projects are expected to focus on areas identified as Most Impacted and Distressed (MID) by HUD and the state, which include a range of counties across Western North Carolina.
Application and Eligibility
Eligible participants in the MCR Program include a variety of entities such as for-profit and non-profit developers, local governments, and public housing authorities. Potential applicants are encouraged to visit the commercerecovery.nc.gov website for detailed application information. The application period begins on June 25, 2026, and closes on November 2, 2026.
The program encourages potential applicants to complete a prescreening process to assess readiness before applying. Projects are evaluated based on various criteria including community need, development approach, and long-term outcomes. Awards range from $500,000 to $15 million per project, with specific eligibility requirements linked to Hurricane Helene recovery efforts.
Continued Recovery Efforts
In addition to the MCR Program, Renew NC is also accepting applications for its Small Rental Rehabilitation (SRR) Program and Commercial District Revitalization (CDR) Program. These programs aim to repair small rental units and revitalize commercial districts affected by the hurricane, with applications open until August 4, 2026.
For comprehensive details on these programs and to apply, interested parties should visit the commercerecovery.nc.gov website.
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