N.C. approves nearly $1B in tax credits for affordable housing development

North Carolina will leverage nearly $1 billion from federal tax credits and other financing to spur the construction and renovation of affordable housing throughout the state. 

A state tax reform committee has approved tax credits and tax-exempt bonds for 51 projects, based on recommendations from the North Carolina Housing Finance Agency.

Officials say this will provide funding for over 4,000 privately owned and managed affordable apartments geared toward families, older adults, and people with disabilities.

A list of projects provided by the Housing Finance Agency includes 134 family units planned for Winston-Salem, 59 apartments renovated for families in Greensboro, and 60 units for older adults in High Point.

Scott Farmer, the agency’s executive director, says the state is doing its best to keep up with the growing demand for affordable housing. 

"We're hopeful that there will be additional changes at the federal level, increases for the Housing Credit Program, and continued funding at the state level, to help support the housing because as you know, we've got a fast-growing state," says Farmer. 

The agency says the housing credit developments will support more than 25,000 jobs and generate over $75 million in state and local tax revenue.