Announcement: Affordable Housing Development Fund - Round 3 Awards
The NC Office of Recovery and Resiliency has awarded an additional $43.2 million from the Affordable Housing Development Fund to four municipal governments and one tribal government to increase community resilience.
The Affordable Housing Development Fund (AHDF) program seeks to create new affordable housing in a way that is responsive to the unique needs of hurricane-impacted communities. In some instances, it may be most beneficial to create traditional large-scale multifamily rental housing. In other communities, clustered or scattered small-scale rental or homeownership housing may be the best options.
Supported by HUD Community Development Block Grant–Disaster Recovery funds for Hurricanes Florence and Matthew, NCORR may fund projects identified through the Qualified Allocation Plan (QAP) process. Through this process, NCORR may fund projects proposed in the "Most Impacted and Distressed" (MID) areas of the state.
Separately, NCORR will solicit projects from qualified property management organizations, public, private or nonprofit organizations, and Community Development Housing Organizations/Community Based Development Organizations to determine the best fit for affordable housing that is responsive to the needs of impacted communities. Upon evaluation of proposals, NCORR may sub-grant funds using the SRA model or enter into a contract agreement to execute projects, based on the nature of the proposer and the proposal. Funding for the AHDF program has been issued in multiple rounds. The QAP process described above will not necessarily follow the selection criteria and prioritization criteria defined for each funding round.
Through a partnership with the North Carolina Housing Finance Agency (NCHFA), the first round of the Affordable Housing Development Fund Program provided $40 million to assist in the funding of 11 tax credit projects that were selected through a modified Qualified Allocation Plan (QAP) process. NCORR is working directly with the agency on compliance and oversight as necessary. The NCHFA received funding for the following projects:
- Garnet Place in Shallotte, NC, awarded $2.5 million (72 units)
- Love Mill Apartments in Whiteville, NC, awarded $2.9 million (60 units)
- Palatine Meadows in New Bern, NC, awarded $3.8 million (60 units)
- Cliffdale Crossing in Fayetteville, NC, awarded $2.5 million (80 units)
- Cliffmore Park Apartments in Fayetteville, NC, awarded $5.3 million (72 units)
- East Haven Apartments in Rocky Mount, NC, awarded $2.5 million (64 units)
- Five Points Crossing in Rocky Mount, NC, awarded $4.9 million (50 units)
- Crestfield Point Apartments in Jacksonville, NC, awarded $4.3 million (72 units)
- Estrella Landing Apartments in Wilmington, NC, awarded $5.3 million (84 units)
- Residence at Canopy Pointe in Wilmington, NC, awarded $2.5 million (72 units)
- Northeast Pointe II in Lumberton, NC, awarded $3.5 million (72 units)
The second round of Affordable Housing Development Fund funding awarded $22.3 million in gap financing to local governments that received approval for their 4% tax credit applications for projects to be used as long-term, affordable rental housing for LMI households. The funds will be used to realize developments that did not meet their funding needs and to expedite the pace of qualified, new construction or rehabilitation projects that are otherwise shovel-ready.
- City of Wilmington, awarded $9 million for Starway Village Apartments (278 units)
- City of Greenville, awarded $5 million for Arlington Trace (180 units)
- Morehead City, awarded $8.3 million for Elijah’s Landing Apartments (168 units)
Round 3 of the Affordable Housing Development Fund awarded $43.2 million to five local government entities to help finance single-family homeownership development or multifamily housing rehabilitation and/or construction outside of the 100-year floodplain. Projects were selected with a focus on priority counties (Bladen, Duplin, Jones, Pamlico, Pender and Scotland counties) and on the basis of community need, resilience in planning, and capacity to increase the community’s affordable housing supply.
- Lumbee Tribe of North Carolina, awarded $7.4 million for a single-family homeownership development project (30 units)
- Scotland County, awarded $9.7 million for the I. Ellis Johnson Multifamily Housing Site (55 rental units)
- Town of Maysville, awarded $9.7 million for the White Oak Landing Apartments (40 rental units)
- Pamlico County, awarded $6.7 million for the Pamlico Grove Apartments (56 rental units)
- Town of Beulaville, awarded $9.7 million for Meadow Villas Apartments (40 units)