RALEIGH—An historic $190 million appropriation made by the NC General Assembly last year to the state’s Workforce Housing Loan Program (WHLP) is addressing substantial funding gaps for workforce housing developments caused by the pandemic.
On November 28, State Senator Michael Lee will present a ceremonial WHLP check to the Covenant Apartments in Castle Hayne—one of 77 developments statewide helped by the infusion of funds— followed by a frame raising ceremony. The Covenant Apartments will help address the shortage of available housing in New Hanover County, where more than 52% of renters are cost-burdened, paying more than 30% of their income on rent.
WHAT: Ceremonial NC Workforce Housing Loan Program Check Presentation and Frame Raising
WHO: State Senator Michael Lee, NC Housing Finance Agency officials
WHEN: Tuesday, November 28 at 1:00 p.m.
WHERE: The Covenant Apartments site, 3100 Alex Trask Drive, Castle Hayne
Developed by East Carolina Community Development in partnership with New Beginning Christian Church, The Covenant was awarded funding by the NC Housing Finance Agency in 2020 to provide 68 apartment homes affordable for seniors on a fixed income. After pandemic-related construction cost increases, supply chain disruptions and labor shortages stalled the Covenant, a $2.25 million loan from the WHLP appropriation enabled construction to resume by going directly into the construction and lowering rents.
Statewide, the $190 million Workforce Housing Loan Program appropriation kickstarted the construction of 77 developments with more than 5,100 apartment homes which had stalled, providing much needed housing for working families and seniors on fixed incomes.
“This historic appropriation will expand housing options for working families and seniors across the state who are among those hardest hit by the pandemic’s economic impacts,” said Scott Farmer, NC Housing Finance Agency executive director. “We are grateful to the General Assembly for recognizing and addressing the housing shortage facing thousands of hard-working North Carolinians.”
The North Carolina Housing Finance Agency is a self-supporting public agency whose mission is to provide 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 298,860 affordable homes and apartments, totaling $29.16 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com.