$19.4 million awarded for multi-family housing in areas damaged by Matthew, Florence

RALEIGH, NC (WWAY) — Local governments can now apply for gap financing to increase the availability of safe, affordable housing in areas of the state that experienced major damage from hurricanes Matthew and Florence.

A total of $19.4 million will be allocated by October 2022 for shovel-ready projects that focus on community resilience.

“The Affordable Housing Development Fund’s focus on multi-family projects will increase opportunities for families working to recover from the storms,” NCORR Director Laura Hogshead said. “Supporting projects that are already moving forward, but still have funding needs, will speed up the pace and maximize local resources while creating long-term, affordable rental housing.”

Funding is available for projects located in any of the federally or state-identified most impacted and distressed (MID) counties.

The third round of AHDF funding is planned for 2023 and will support other types of affordable housing projects in storm-impacted areas.

Local governments, in partnership with low-income housing tax credit developers, can apply for funding after providing documentation of an acceptable 4% tax credit application and a signed agreement between the government and development partner. The 4% tax credit for the purchase of existing buildings to repair or rebuild, is financed by tax-exempt bonds.