In a significant move to bolster affordable housing in western North Carolina, Governor Josh Stein, alongside the North Carolina Department of Commerce’s (NCDOC) Division of Community Revitalization (DCR) and the North Carolina Housing Finance Agency (NCHFA), announced the allocation of more than $69 million in federal funds. These funds aim to support the development of 828 new rental units across 10 projects, a crucial step in addressing the region’s housing crisis.
“Getting families back into safe housing that they can afford is critical to the recovery from Hurricane Helene,” said Governor Josh Stein. The initiative ensures these apartments remain affordable for the next 30 years, targeting residents in the 828 area code.
Governor Stein’s administration has made affordable housing a priority, completing over 1,000 homes through state-funded partnerships and the Renew NC program. The need for affordable rental options is particularly pressing in western North Carolina, where housing costs are among the highest in the state. Last month, the Governor signed into law North Carolina’s first complete state budget in over two years, which allocates more than $700 million for Hurricane Helene recovery efforts. This includes $40 million for temporary relocation assistance and $35 million for housing repair grants.
Earlier this year, an executive order was signed to improve housing opportunities and affordability statewide, directing agencies to enhance housing supply and affordability through data-driven solutions.
Funding for these projects comes through the Rental Production Program for Disaster Recovery (RPP), a competitive program offering low-cost loans for affordable multi-family housing development. These funds, combined with the NCHFA’s Low-Income Housing Tax Credit (LIHTC) program, are available for new construction, acquisition, and rehabilitation projects in designated disaster-impacted counties.
Impact and Compliance
The 10 selected projects will introduce 828 multi-family rental units across counties like Ashe, Buncombe, and Rutherford. Developers had to show a connection to Hurricane Helene impacts and meet federal, state, and local requirements to qualify. “Housing is a critical building block for western North Carolina economic recovery,” said NC Commerce Secretary Lee Lilley. The partnership with NCHFA addresses the housing needs of working families in the region.
These projects must adhere to income limits and rent restrictions for a 30-year affordability period, with NCDOC overseeing compliance. All project funds must be committed by October 2030, and activities completed by January 2031.
The state’s housing initiative was further strengthened with the introduction of the Renew NC Workforce Housing for Ownership Program, funding home development for families earning up to 80% of the area median income.
Renew NC, North Carolina’s disaster recovery initiative, is funded by a $1.4 billion CDBG-DR grant from the U.S. Department of Housing and Urban Development and is managed by the Division of Community Revitalization.
The North Carolina Housing Finance Agency, a self-supporting public entity, continues to enhance the quality of life for North Carolinians by expanding safe and affordable housing opportunities.
Read More Here
