North Carolina is getting $229 million in affordable rental apartments as part of a federal tax credits program approved this week and loans from the North Carolina Housing Finance Agency.
The awards will be used to build 1,912 privately owned, privately-managed affordable apartments in 25 counties. About 69 percent of the apartments will be for families, with the rest designated for elderly residents and people with disabilities.
Rent assistance will make the apartments affordable to persons living on Supplemental Security Income of approximately $660 a month, under an initiative financed by the N.C. General Assembly and offered through a cooperative arrangement between the Housing Finance Agency, the N.C. Department of Health and Human Services, local service organizations, and the apartment owners and managers.
The apartments will be built at 31 properties including three in the Triangle: Bowman Plantation in Garner, The Woods at Avent Ferry in Holly Springs and Water Garden Village in Raleigh.
In addition to federal tax credits, 19 apartment developments will receive loans totaling $14.8 million approved by the state's Housing Finance Agency’s board of directors.
The apartments will be available to North Carolinians whose incomes are at 60 percent or less of the median.
This ranges from $46,620 for a family of four in Raleigh to $30,240 in lower income areas such as Vance or Wilkes counties.
The state tax credits make some of the apartments affordable to households with incomes at 30 to 50 percent or less of the median. This ranges from $23,310 for a family of four in Raleigh down to $15,480 in Vance or Wilkes counties.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or