North Carolina to gain more than $1B in affordable housing development

Federal tax credits and other financial awards will help to create more than $1.1 billion dollars in affordable apartments across 25 counties in North Carolina this year.

The funding will help produce more than 4,000 privately owned and managed attainable units, including more than 3,000 apartments for families and around 400 targeted for people with disabilities.

North Carolina Housing Finance Agency Executive Director Scott Farmer says these are important investments in local communities but still a drop in the bucket for what the state needs.

"We're celebrating this year's accomplishments, and recognizing the hard work of the folks that are putting this housing on the ground, but also acknowledging that, you know, this is but one piece of the puzzle," Farmer says. "And we've all got to work together to try and figure out other ways that we can increase the housing stock, improve our existing housing stock, to keep pace with the growing need."

Fifty projects across the state were approved for tax credits or tax-exempt bonds including three developments in Winston-Salem and two in Greensboro.