RALEIGH—An historic $190 million appropriation made by the NC General Assembly last year to the state’s Workforce Housing Loan Program (WHLP) is already addressing substantial funding gaps for workforce housing developments caused by the pandemic.
On April 17, State Representative Dennis Riddell, State Representative Stephen Ross and State Senator Amy Galey will present a ceremonial WHLP check to Forestdale Meadows apartments in Burlington—one of 77 developments statewide assisted by the infusion of funds. A hard hat property tour will immediately follow. Forestdale Meadows will help address the shortage of affordable apartments in Alamance County, where more than 41% of renters are cost-burdened, paying more than 30% of their income on rent.
WHAT: Check Presentation from the NC Workforce Housing Loan Program and hard hat tour
WHO: State Representative Dennis Riddell, State Representative Stephen Ross, State Senator Amy Galey, NC Housing Finance Agency officials, local officials
WHEN: Monday, April 17 at 10:00 a.m.
WHERE: Forestdale Meadows, 3498 Forestdale Drive, Burlington, NC
Developed by Kent Place Holdings, Forestdale Meadows was awarded funding by the NC Housing Finance Agency in 2019 to provide 80 apartment homes affordable for working families. After pandemic-related construction cost increases, supply chain disruptions and labor shortages stalled Forestdale Meadows, a $1.088 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 stalled developments with more than 5,100 apartment homes. These investments will provide much needed housing for working families and seniors on fixed incomes.
“This historic appropriation will expand housing options for working families 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.