RALEIGH—Federal tax credits and other financing awarded in 2025 will build more than $1.47 billion in affordable apartments in North Carolina. The work is expected to support 21,960 jobs and generate $95.3 million in state and local tax revenue.
Tax credits and tax-exempt bonds, including bond awards from February and June 2025, were approved for 50 projects by the North Carolina Federal Tax Reform Allocation Committee, based on recommendations from the North Carolina Housing Finance Agency, which administers the Low-Income Housing Tax Credit (LIHTC) program.
The funding will produce 5,012 privately owned and managed affordable apartments. These include 4,150 apartments for families and 862 for seniors. At least 501 of the apartments will be targeted for people with disabilities. The new awards will bring the number of Housing Credit apartments in the state to more than 133,900.
Twenty-eight properties were awarded $34.7 million from the Workforce Housing Loan Program, which was established by the NC General Assembly in 2014 to encourage development of Housing Credit apartments in low-income counties and reduce rents in moderate- and high-income counties. Agency loans totaling more than $12.2 were awarded to 11 properties under the Rental Production Program which uses state and federal funds to improve economic feasibility for rental developments.
“The LIHTC Program is vital for the development and preservation of affordable rental housing across the country” said Scott Farmer, executive director of the NC Housing Finance Agency. “These apartment homes will strengthen our communities by addressing the growing shortage of affordable housing options for working families and seniors in North Carolina."
The NC Housing Finance Agency evaluates tax credit applications on behalf of the NC Federal Tax Reform Allocation Committee. The highly competitive program, which received 74 full applications this year, uses a quantitative ranking system and includes independent market studies of each property and site visits by Agency staff. New construction proposals were ranked on a point system. Points were awarded for site characteristics, design quality, affordability and other published criteria. Rehabilitation proposals were evaluated based on criteria primarily relating to the need for repair, extent of the proposed improvements and positive impact on the tenants’ quality of life.
The North Carolina Housing Finance Agency is a self-supporting public agency that provides safe, affordable housing opportunities to enhance the quality of life of North Carolinians. Since its creation by the General Assembly, the Agency has financed more than 321,320 affordable homes and apartments, totaling $34.4 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com.