Multifamily Development Fund
Creating Multifamily Rental Housing
affordable for low- and moderate-income households in storm-impacted communities
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 Multifamily 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.
Through a partnership with the North Carolina Housing Finance Agency, the Multifamily Development Fund provided $9.8 million to assist in funding the McArthur Park II project, which created 80 new housing units in Fayetteville, NC.