A self-supporting public agency, we consistently keep our operating costs to less than 2% of housing financed while maintaining an AA+/Aa1 bond rating.
All numbers are based on Agency program counts and value tabulations, with economic impacts assessed using the Bureau of Economic Analysis RIMS II Model.
J. Adam Abram, Chair
Patricia Garrett, Vice Chair
James Kearney, Sr.
Our investments in affordable housing have moved North Carolina forward since 1973. To date, the Agency has financed:
In 2020, the North Carolina Housing Finance Agency passed the billion-dollar mark in total annual investment for tax credit apartment development, expanded home ownership options in underserved counties and supported state efforts to assist renters hit hard by the economic impacts of COVID-19. Successfully pivoting to remote operations as necessitated by the pandemic, the Agency continued its strong track record of leveraging public-private partnerships to create affordable housing opportunities in 460 communities.
Housing investments supported job creation, boosted small businesses, increased state and local tax revenues and infused more than a billion dollars in wages and spending into the state’s economy in a year that highlighted more than ever the significant challenge of housing availability in North Carolina.
Our investments helped keep the affordable housing industry moving in a tough economy. While development was slowed by the implementation of new safety standards and the rising costs of construction, building and rehabilitation of homes and apartments continued across the state, delivering and preserving much needed housing for North Carolinians.
The Agency provides financing to build and rehabilitate homes for low-wealth North Carolinians through local governments and nonprofit organizations that participate in our Community Partners Loan Pool (CPLP) and Self-Help Loan Pool (SHLP). Partners use the funding for down payment assistance, mortgage financing and energy efficiency subsidies to make home ownership more affordable. In 2020, we invested $15.2 million through local home ownership partners to create new neighborhoods and boost older communities.
Our Agency protects home ownership by preventing foreclosures, vacancies and disrepair that can damage community strength. We assist homeowners facing foreclosure through the State Home Foreclosure Prevention Project (SHFPP), which offers free housing counseling, access to legal services for low-income homeowners and assistance working with servicers through participating HUD-approved housing counseling organizations statewide. Since its creation by the General Assembly in 2008, SHFPP has saved more than 18,220 homes and provided housing counseling to more than 130,970 homeowners.
We also finance vital repairs, rehabilitation and accessibility modifications to help low-wealth homeowners through the Urgent Repair Program, the Essential Single-Family Rehabilitation Loan Pool and the Displacement Prevention Partnership. In 2020, the Agency awarded $14.8 million through these programs to 47 local governments and nonprofit agencies across the state that will use the financing to help seniors, veterans and people with disabilities avoid costly institutions and allow them to age in place. Helping these individuals remain in their homes is especially important in the midst of a pandemic.
Learn more about the cost savings of the Urgent Repair Program and the immediate and long-term impacts of our home rehabilitation investments.
The Agency’s work in 2020 will help more than 40,000 North Carolinians move their lives in new directions. More than 35,000 of these are renters in need of affordable apartments or rental assistance.
Affordable apartments give parents the financial flexibility and time to invest in their children’s development and education, leading to better test scores for the children and more money to put toward college and other educational expenses. This housing is also vital for elderly North Carolinians with low, fixed incomes who are challenged by rising rents at a time when they also may be grappling with increasing health care costs.
Families with very low incomes may find affordable apartments still out of reach without additional assistance. Multiple studies find that low-income families often prioritize rent over health care , making rental assistance a critical tool to improve health outcomes of vulnerable children and minimize public health care costs.
The Agency oversees the administration of project-based Section 8 Rent Assistance on behalf of the US Department of Housing and Urban Development (HUD), which helped 23,710 low-income families in 2020. In addition, rental assistance partnerships with the NC Department of Health and Human Services (NCDHHS) helped 4,740 vulnerable North Carolinians.
“It’s a good place to live. I wanted something different for my kids.”
“It has given me peace. It means so much.”
Residents, Greenfield Place, Chapel Hill
Studies show that home buyers with low incomes realize multigenerational benefits through home ownership.
Specifically, children of homeowners are more likely to break out of the cycle of poverty, become homeowners themselves and experience increased wealth over their lifetimes. Agency investments of nearly $648 million—fueled in large part by the NC Home Advantage Mortgage™ with up to 5% down payment assistance—continued to help North Carolinians build wealth by providing affordable mortgage options for buyers with low and moderate incomes. While the pandemic created hurdles for home buyers, the Agency’s $8,000 NC 1st Home Advantage Down Payment provided the boost that many first-time buyers and military veterans needed to overcome obstacles to home ownership.
“These are beautiful homes all built with love. Our quality of life improved the day we walked in the door. The way these homes are designed—this home gave my wife her dignity back, with open places and the walk-in showers. I’ll be able to give quality care and keep us together longer.”
Home Buyer, Crescent Magnolia, Hillsborough
Foreclosures negatively impact the mental and physical health of homeowners and cause long-term damage to the health and education outcomes of their children. Agency foreclosure prevention investments in 2020 kept 210 North Carolinians in their homes.
We also protect homeowners through home rehabilitation and repair investments. Well-maintained, affordable housing reduces asthma, pest-borne illnesses, lead poisoning, accidental injury and other health risks. Urgent repairs can keep low-income seniors, veterans and people with disabilities out of costly institutions, saving up to $19 in Medicaid costs for every $1 invested.
Debra had watched the health of her daughter, Victoria, 24, fail rapidly, finally resulting in a diagnosis of avascular necrosis, a painful loss of bone tissue. Rutherford Housing Partnership used funding from the Agency’s Urgent Repair Program to build a ramp that provides Victoria with safe access in and out of her home. The family said 'that simple ramp has made a world of difference.'
Homeowner, Rutherford County
Affordable housing is essential for North Carolina. The Agency leveraged the NC Housing Trust Fund with private sector and federal dollars to finance 1,070 affordable homes and apartments for low-income families, seniors, veterans and people with disabilities in 2020. Nearly 93% of those helped have incomes below 60% of their area’s median income, with close to half below 30% of the area median income.
The NC Housing Trust Fund finances the Agency’s Supportive Housing Development Program (SHDP) for new construction and the rehabilitation or adaptive re-use of existing buildings to create permanent supportive housing rental units, emergency shelters, re-entry housing, licensed group homes and housing related to programs that provide services for special needs groups.
The North Carolina Housing Trust Fund has helped finance $1.6 billion in housing construction and rehabilitation since its creation. It delivers one of the state’s best returns on investment, leveraging $4 in housing for every Trust Fund dollar.
The North Carolina Housing Partnership oversees, establishes policy and allocates funding for the North Carolina Housing Trust Fund. The following North Carolinians continued, began or completed service on the Housing Partnership in 2020.
Brian Coyle, Chair
Sallie Surface, Vice Chair
The Honorable Dale Folwell
Robert J. Kellogg
Daniel W. Kornelis
The Honorable Michael Lazzara
Tom E. Smith
Our Agency works with thousands of partners across the state to invest financing for apartments and homes, affordable mortgage products, rental and owner-occupied housing rehabilitation, foreclosure prevention, supportive housing and rental assistance. Our extensive partner network ensures that every county from Cherokee to Dare benefits from affordable housing investments.
101 For-Profit Developers
109 Nonprofit Groups
89 Local Governments
1,257 Apartment Owners and Managers
7 Community Living Partners
182 Lending institutions and 3,380 Loan Officers
6,657 Real Estate Agents
19 Housing Counseling Organizations
The NC Housing Finance Agency sells bonds, administers tax credit programs and uses state and federal funds to finance affordable housing. Specifically, we:
Our congressional delegation and state legislature are essential to the funding process. We enjoy a robust partnership with both groups of lawmakers and thank them for their ongoing investments in affordable housing for North Carolinians.
While we rely heavily on our partners to increase awareness about our programs in the community, we also reach out directly to consumers through low-cost online marketing and social media that drive people to our websites, as well as outreach to the media.
In 2020, Agency outreach included:
666,433 HousingBuildsNC.com Visitors
1.5 million NCHousingSearch.org Affordable Housing Searches
39,384 NCHomeAdvantage.com Visitors
5,066 Social Media Followers and 477,175 Views
366 Media Stories