GREENVILLE, N.C. (WNCT) — The cities of Greenville, Morehead City and Wilmington have been awarded $22.3 million from the N.C. Office of Recovery and Resiliency’s Affordable Housing Development Fund for new multi-family housing projects.
The projects will “increase the availability of safe, affordable housing in areas of the state that experienced major damage from hurricanes Matthew and Florence,” according to an NCORR press release.
Greenville will use the award to finance Arlington Trace, a 180-unit affordable housing development, which will include 18 units to be used as transitional housing for populations with a greater risk of homelessness. The affordable housing community is being developed by a local builder, Taft-Mills Group, and includes an investment of $31.6 million. Of that amount, $1 million is from federal HOME funding and $5 million from AHDF, which will allow the project to break ground. Rent rates at Arlington Trace will be affordable for families who make up to 60% of the county’s area median income.
Morehead City plans to build Elijah’s Landing Apartments, a 168-unit multi-family development on almost 12 acres in the central business corridor of the city. The project was funded by $13.2 million through the 4% LIHTC program facilitated by CAHEC Capital Equity, a HUD multifamily loan of $14.2 million, and bridge gap funding from NCORR in the form of an $8.3 million award. The development will include one-, two- and three-bedroom affordable workforce housing units built by local builder East Carolina Community Development Inc.
Wilmington will develop Starway Village, a multi-family community with 278 units including 20 fully accessible ADA units. Wilmington City Council voted to use $3.5 million in American Rescue Plan funding toward the affordable housing project, while New Hanover County Commissioners approved $1.89 million in ARPA funds; with NCORR’s grant of $9 million making up the gap in funding for the project. The housing community, to be built by Bradley Housing Developers, LLC, is an example of redevelopment in a prime location, a former drive-in movie theatre spot near key amenities. Units will be affordable to households that make 60% of the area median income.
“Rebuilding smarter and stronger includes providing safe, affordable housing to meet the needs of North Carolina families,” Gov. Roy Cooper said. “By leveraging these federal dollars through local partnerships, we’re increasing community resilience for future storms while ensuring our state is better prepared for climate change impacts.”
Local governments, in partnership with low-income housing tax credit developers, were encouraged to apply for funding if a local affordable housing project approved for the 4% Low Income Housing Tax Credit (LIHTC) program between 2018-2022 needed additional gap financing. The 4% LIHTC program helps fund affordable housing construction and rehabilitation through tax credits and tax-exempt bonds.
The third round of AHDF funding is planned for 2023 and will support other types of affordable housing projects in storm-impacted areas.
Eligible counties include those that were federally- and state-identified as “most impacted and distressed” (MID) due to Hurricane Matthew and/or Hurricane Florence.