The North Carolina Housing Finance Agency is a self-supporting public agency and component unit of the State of North Carolina. The North Carolina General Assembly created the Agency in 1973 to provide financing to increase the supply of affordable housing for families with low or moderate incomes.
Pursuant to its enabling legislation, the Agency is authorized to issue bonds and other obligations to fulfill its corporate purpose up to a total outstanding amount of $3 billion. The debt obligations of the Agency do not constitute a debt, grant or loan of credit of the State of North Carolina and the State is not liable for the repayment of such obligations. In addition to its bond programs, the Agency administers the Section 8 Lower Income Housing Assistance Payment Program, the HOME Investments Partnership Program, the federal Low-Income Housing Tax Credit, other state and federal programs and the North Carolina Housing Trust Fund.
The Agency supports its staff and operating expenses through bond fund earnings, federal grant administration fees and interest income. The Agency does not receive state appropriations for its operating budget but has received state funds for debt service reserves or program subsidies. The principal of these appropriations is intact.