RALEIGH — Federal tax credits and other financing awarded Friday (Aug. 15) will build $423 million of affordable apartments in 37 North Carolina counties. The work is expected to support 8,540 jobs and generate more than $13.4 million in local tax revenue.
Rowan County will receive $131,087 for Benchmark Apartments in China Grove for the rehabilitation of 24 units. Joan Norris made the application. Civic Park Redevelopment II received $765,000 for 90 new units. Laurel Street Residential made the application. Both are family housing.
Tax credits and bond authority were approved by the North Carolina Federal Tax Reform Allocation Committee, based on recommendations from the North Carolina Housing Finance Agency.
“These affordable apartment developments will provide housing opportunities for working families and seniors,” said Bob Kucab, executive director of the N.C. Housing Finance Agency. “They also will help to improve communities, keep thousands of North Carolinians working in construction and related industries, and build local tax bases.”
The funding will produce 3,683 privately owned, privately managed affordable apartments. Seventy-two percent of the apartments (2,650 units) will be designated for families, and 1,033 units will house seniors.
At least 295 of the apartments are targeted for persons with disabilities. The new awards will bring the number of Housing Credit apartments built in the state to more than 67,000.
In addition to the federal tax credits, five of the apartment developments will receive loans totaling $4.5 million approved by the N.C. Housing Finance Agency’s board of directors.
Thirty-nine of the developments will receive state tax credits authorized by the General Assembly. The loans and state tax credits make it possible to produce affordable apartments in rural counties where incomes are low, and reduce the rents in urban areas.
All of the apartments are affordable for households earning 60 percent of a county’s median income, and many are affordable at 50 percent or 40 percent of median as the result of the additional financing.
For a family of four, this ranges from $45,480 (60 percent in Wake County) to $19,760 (40 percent in low-income counties, such as Robeson or Wilkes). The state’s Key Program operating assistance makes apartments affordable for persons with disabilities living on Supplemental Security Income (SSI), which is currently $721 a month.