Choose a blog

Six affordable housing projects in Triangle awarded tax credits

A total of 33 affordable housing projects in North Carolina were recently awarded federal tax credits, including six projects in the Triangle.

The grants are expected to result in about $330 million in new development and produce nearly 2,678 affordable apartments for families, the elderly and people with disabilities.

The grants were approved by the N.C. Housing Finance Agency and the N.C. Federal Tax Reform Allocation Committee.

Four of the projects are located in Wake County, including Willow Creek in Cary (53 units), Calvary Trace in Raleigh (92 units), Camden Glen in Raleigh (48 units) and Huntington Spring in Wake Forest (84 units).

The other two Triangle projects are Bellemont Pointe Apartments in Pittsboro (76 units) and Riverwood Haven in Clayton (60 units).

Calvary Trace and Camden Glen will offer units for families, the other four projects are for the elderly.

Four of the six Triangle projects also received loans from the Housing Finance Agency.

All the apartments developed using the grants must be affordable for people earning 60 percent of the median income in a county. For a family of four in Wake County that amounts to $45,600.

Six affordable housing projects in Triangle awarded federal grants

A total of 42 affordable housing projects in North Carolina were recently awarded federal tax credits, including six projects in the Triangle.

The grants are expected to result in about $307 million in new development and produce nearly 2,500 affordable apartments for families, the elderly and people with disabilities.

The grants were approved by the N.C. Housing Finance Agency and the N.C. Federal Tax Reform Allocation Committee, which includes State Treasurer Janet Cowell, Secretary of Commerce Keith Crisco and State Budget Director Andy Willis.

Four of the projects are located in Wake County, including Timber Spring in Garner (48 units), Holly Woods at Sunset Lake in Holly Springs (64 units), Brighton Pointe in Raleigh (80 units) and Granite Falls Apartments in Rolesville (72 units). The other two Triangle projects are Cleveland Green II in Johnston County (40 units) and Preiss-Steele Place in Durham (82 units).

Preiss-Steele and Timber Spring will offer units for the elderly, while the other four projects are targeting low-income families.

Foreclosure prevention program helping more than 4,500 NC homeowners

More than 4,500 North Carolina homeowners are receiving assistance from a federally funded program designed to help homeowners avoid foreclosure.

The state's Housing Finance Agency last week provided an update on the N.C. Foreclosure Prevention Fund, which launched statewide in Dec. 2010.

North Carolina was one of five states that received money from a $600 million aid pool designed to prevent foreclosures in states plagued by high unemployment.

North Carolina initially received about $115 million from the U.S. Department of the Treasury for the program, which is based on an existing state-funded effort that provides mortgage payment help.

The state has since received additional funds.

The program is designed to help those who have gotten behind on their mortgage payments through no fault of their own.

N.C. approved for $159 million to help struggling homeowners

The U.S. Treasury Department has approved North Carolina's plan to use $159 million in federal funds to help homeowners avoid foreclosure.

The state will begin dispersing the money in December. The money is going to the N.C. Housing Finance Agency, whose mission is to provide affordable housing options to residents.

“We expect that over the next three years this effort will enable 7,200 North Carolina workers to keep their homes,” said A. Robert Kucab, executive director of the housing finance agency, in a statement. “It will also help stabilize property values in their neighborhoods by reducing the number of foreclosure sales."

North Carolina is one of five states that is receiving portions of a $600 million federal aid package designed to prevent foreclosures. The other states are Ohio, South Carolina, Oregon and Rhode Island.

The sizes of the allocations were based on the number of people living in counties where the unemployment rate is above 12 percent.

When the program was announced earlier this year, North Carolina's overall unemployment rate was 11.2 percent in February, and more than half the state's 100 counties register rates above 12 percent.

Only Ohio received a larger allocation than North Carolina.

 

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of newsobserver.com. Click here to register or to log in.
Advertisements