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 March 24, State Representative Hugh Blackwell will present a ceremonial WHLP check to Pine Crossing Apartments in Valdese—one of 77 developments statewide helped by the infusion of funds. Pine Crossing will help address the shortage of affordable apartments in Burke County, where more than 43% of renters are cost-burdened, paying more than 30% of their income on rent.
WHAT: Ceremonial Check Presentation from the NC Workforce Housing Loan Program
WHO: State Representative Hugh Blackwell, NC Housing Finance Agency officials, local officials
WHEN: Friday, March 24 at 1:00 p.m.
WHERE: Pine Crossing Apartments, 605 Pineburr Avenue, Valdese, NC
Developed by Western North Carolina Housing Partnership, Pine Crossing was awarded funding by the NC Housing Finance Agency in 2020 to provide 66 apartment homes affordable for working families. After pandemic-related construction cost increases, supply chain disruptions and labor shortages stalled Pine Crossing, a $3.1 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 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 that finances affordable housing opportunities for North Carolinians whose needs are not met by the market. 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.