The N.C. Office of Recovery and Resiliency (NCORR) has launched the second phase of the Affordable Housing Development Fund (AHDF) program, which invites local governments to apply for gap financing for multi-family housing rehabilitation and new construction outside of the 100-year floodplain. A total of $19.4 million will be allocated by October 2022 for shovel-ready projects that focus on community resilience. The funds will be used to increase the availability of safe, affordable housing in areas of the state that experienced major damage from hurricanes Matthew and Florence.
“The Affordable Housing Development Fund’s focus on multi-family projects will increase opportunities for families working to recover from the storms,” said NCORR Director Laura Hogshead. “Supporting projects that are already moving forward, but still have funding needs, will speed up the pace and maximize local resources while creating long-term, affordable rental housing.”
Funding is available for projects located in any of the federally or state-identified most impacted and distressed (MID) counties. The third round of AHDF funding is planned for 2023 and will support other types of affordable housing projects in storm-impacted areas.
Local governments, in partnership with low-income housing tax credit developers, can apply for funding after providing documentation of an acceptable 4% tax credit application and a signed agreement between the government and development partner. The 4% tax credit for the purchase of existing buildings to repair or rebuild, is financed by tax-exempt bonds.
An online application is available at the Affordable Housing Development Fund website. A virtual technical assistance webinar for grant applicants is planned for 3 p.m. Tuesday, Aug. 30. More information about the webinar will be posted on the website. Applications will be accepted until 5 p.m. Sept. 16.
The Affordable Housing Development Fund Program is supported by the North Carolina’s HUD Community Development Block Grant–Disaster Recovery funding for hurricanes Matthew and Florence. It is one of multiple housing programs overseen by NCORR through its Community Development Office, which also administers the Multi-family Development Fund, Public Housing Restoration Fund and Infrastructure Recovery Program. In addition to disaster recovery and affordable housing, the office manages programs that support resiliency, mitigation, strategic buyout, infrastructure, local government grants and loans, and pandemic-related rent and utility assistance.