Multi-Family Development Fund
News: McArthur Park II Helps Fayetteville Meet Affordable Housing Needs
The North Carolina Office of Recovery and Resiliency (NCORR) has funded its largest affordable housing project to date, an 80-unit affordable multifamily apartment development in Fayetteville called McArthur Park II.
NCORR established the Multi-Family Development Fund program to provide financing to repair majorly to severely damaged rental housing in the most impacted communities, and to create new affordable multifamily housing for Low- and Moderate-Income (LMI) households in storm-impacted communities.
The North Carolina Housing Finance Agency (NCHFA) administers the Multi-Family Development Fund program on behalf of NCORR, which will provide supplemental funding to NCHFA's allocation of Low Income Housing Tax Credit (LIHTC) funds to qualified developers to execute construction of new multi-family developments.
Supported by the North Carolina’s HUD Community Development Block Grant–Disaster Recovery funds for Hurricane Matthew, NCORR will fund projects that have been identified for funding through the Qualified Allocation Plan (QAP) process. In addition, NCORR will fund development projects in counties declared as "most impacted and distressed" (MID) by HUD for Hurricane Matthew: Bladen, Columbus, Cumberland, Edgecombe, Robeson and Wayne.
Through a partnership with the North Carolina Housing Finance Agency, the Multi-Family Development Fund provided $28.7 million to assist in the funding of three tax credit projects that were selected through a modified Qualified Allocation Plan (QAP) process.
The NCHFA received funding for the following projects:
- Adair Gardens in Goldsboro, NC, awarded $9.2 million (48 units)
- McArthur Park II in Fayetteville, NC, awarded $9.8 million (80 units)
- Wind Crest in Lumberton, NC, awarded $9.7 million (66 units)
In addition, the program provided funding to Cumberland County to support the following project:
- Robin's Meadow in Fayetteville, NC, awarded $3.1 million (12 units)