More than $1 billion in new economic investment is coming soon to build and preserve affordable housing in North Carolina, according to Chris Austin, Director of Rental Investment for the North Carolina Housing Finance Agency.
Housing credits were awarded by the NCHFA to rental housing developers who submitted over 100 applications in a competition for low income housing tax credit allocations in 2020. The awards announced last Friday, August 14, included 42 projects in 31 counties, supporting equity and debt financing for new construction or rehabilitation of 2,730 apartment units. Awards also were made to 17 tax-exempt bond projects totaling 1,648 units.
Mr. Austin noted that awards made in January, June and last Friday by the agency “have made this a record-setting year for the number of awards (75), units produced (6,776), and the total development costs of the awards ($1.1 billion).”
This year’s awards include housing credits for developments for both new construction and rehabilitation of existing units. The Ellinger Carr firm is honored to be part of the teams that will be working to provide more than 1,300 new and rehabilitated affordable housing units in 14 cities and towns in North Carolina.
Since 1973, the North Carolina Housing Finance Agency has financed nearly 300,000 homes and apartments, totaling $25 billion, with housing credit awards and agency loan financing. The NCHFA is a self-supporting public agency.
The Ellinger Carr law firm advocates for affordable housing and supports clients in their development and rehabilitation of affordable housing in our State and elsewhere in the country. The firm also expects to advise and participate in financing transactions as part of our ongoing relationship with the City of Raleigh and its Housing & Neighborhoods department with loans in support of affordable housing developments in Raleigh, including not only multifamily housing and community development, but also adaptive reuse of historic structures and first time homebuyer programs and initiatives.
Ellinger Carr is a business law and commercial real estate law firm based in Raleigh, North Carolina. Ellinger Carr lawyers are experienced and knowledgeable counselors, transaction specialists and business problem solvers, admitted to practice in North Carolina, South Carolina, Florida, Louisiana and New York. For assistance in affordable housing, commercial real estate and corporate and business development matters, call 919-785-9998 or email Susan Ellinger at sellinger@ellingercarr.com, Sarah Goodin at sgoodin@ellingercarr.com, Heather McDowell at hmcdowell@ellingercarr.com or Steven Carr at scarr@ellingercarr.com.
Providing safe, affordable housing for families, seniors and developmentally disabled persons has long been a part of the work of the Ellinger Carr law firm, in communities in the Carolinas, the Southeast and elsewhere in the United States. Susan Ellinger, the firm’s founding member, announced that the firm’s lawyers have just concluded a closing in Canadian, Texas for the development and new construction of 64 affordable apartment units called the Oasis Cove Apartments. The firm served as lender’s counsel for the closing of a debt and equity financing of $14 million.