Partnership Works
North Carolina Housing Finance Agency
2014 Report on Achievements
For the economy…
In 2014, the N.C. Housing Finance Agency financed more than $1.1 billion in real estate activity, for the first time edging past pre-recession
totals.
The success illustrates the power of public‐ private partnerships. The year’s work drew capital,
ideas and know-how from more than 250 direct partners — the developers, lending institutions and local governments that
sponsored rental communities, originated home buyer mortgages, and performed rehab and repair projects. Scores of
others leveraged our investments many times over — from individuals contributing to local fundraisers to big, out-of-state
insurance companies investing in rental developments.
Our efforts will send $1.39 billion in wages and spending flowing through the
economy* and will improve housing in 511 North Carolina cities and towns, from Elizabeth City to Asheville. With our
partners, we:
 Financed 9,500 homes and apartments
 Supported 12,800 jobs
 Generated $68.8 million in tax revenues
Our self-supporting Agency continued to keep its operating costs to less than 2 percent of the housing financed and
maintained its AA/Aa2 bond rating.
*The Agency uses the RIMS II model from the U.S. Bureau of Economic Analysis to calculate economic impacts. Job estimates include jobs supported
within North Carolina in construction and other economic sectors.
1974-2014 2014
**Rental production units that also have rent assistance or preservation loans are counted once in the grand total.
Homes Value Homes Value
Home Buyers 89,940 $7.5 Billion 3,220 $451.2 Million
Rental Production 80,510 $6.1 Billion 4,750 $495.7 Million
Housing Preservation 29,280 $307.1 Million 1,260 $12.4 Million
Supportive Housing 4,170 $246.8 Million 270 $11.6 Million
Rent Assistance 29,810 $1.8 Billion 25,730 $140 Million
Total** 231,440 $16 Billion 33,980 $1.1 Billion
Housing
Financed
…for communities
Public–private partnership is the genius of the Housing Credit program, which has
now financed 68,000 affordable apartments in North Carolina.
Dozens of developers compete for the business every year, and two local investor consortia have grown up to support it: the
Community Affordable Housing Equity Corporation (CAHEC) draws in private equity investors from across the region and the
Community Investment Corporation of the Carolinas (CICCAR) enables more than 100 community banks to participate in
loans.
The 93 rental developments under construction during 2014 supported 14,050 jobs statewide. The new project awards will
generate another 6,600 jobs and produce 2,950 apartments for working families and seniors, including 295 targeted for
people with disabilities. Tax-exempt bonds will add or rebuild another 1,800 units.
Housing Credit developments spurred growth. The City of Asheboro invested in Sunset Place and
Asheboro Mill Lofts to revitalize an area crippled by a mill shutdown. The City of High Point helped finance Admiral Pointe
as part of its redevelopment strategy. After seeing how Antiquity Heights attracted new business, the Town of Cornelius
encouraged a second development, which will open this spring.
We partnered with local governments, nonprofits and local builders to develop $40
million in single‐family homes. The City of Jacksonville bought derelict houses and vacant lots in the blighted
Cox Avenue area and recruited local builders to produce new homes, increasing the neighborhood’s tax base by 600 percent.
In downtown Fayetteville, Habitat for Humanity homes helped redevelop the Old Wilmington Road neighborhood. The City
of Asheville financed the land for Carney Place, making it possible for Habitat home buyers to live close to downtown jobs.
…for North Carolinians
Our home buyer loans helped 3,220 North Carolinians move into new homes in
2014. The new N.C. Home Advantage Mortgage™ fueled much of that growth. Financed through the sale of
mortgage-backed securities, the 30-year, fixed-rate loans offer down payment assistance and an opportunity for
both first-time and move-up buyers.
Foreclosure prevention efforts helped thousands keep the home they have. The N.C.
Foreclosure Prevention Fund made mortgage payments for 3,380 North Carolinians in 2014, pushing the four-year
total to more than 18,000. The fund assists homeowners after a job loss or other hardship, while they look for work or
retrain. So far, 98 percent have avoided foreclosure after completing assistance. The State Home Foreclosure
Prevention Project and federal grants provided counseling for another 11,330 families.
Our 13‐year partnership with Advanced Energy produced the 4,000th home built to
SystemVision construction standards. The resulting low energy costs — around $35 per month — help families afford
their homes and have saved $4.6 million in electric consumption.
Veterans remained a focus. We expanded the N.C. Foreclosure Prevention Fund to assist veterans
returning to civilian life. We also financed new apartments for veterans with disabilities or who are homeless,
including Denson Apartments in Durham and Bellamy Veterans Housing in Lexington.
The Housing Trust Fund Is a
Powerful Catalyst
The North Carolina Housing Trust Fund financed 1,380 homes and apartments in 2014.
Nearly 87 percent of the housing benefits citizens making less than half of the local median income, including seniors and
North Carolinians with disabilities and special needs.
A commitment of Trust Fund dollars — and confidence in our Agency’s oversight — helps local sponsors raise funds for vital
community needs. For example, the SECU Foundation provides zero-interest construction financing for many supportive housing
developments, including The Commons in Winston-Salem, independent apartments for individuals who are homeless. The
Cannon Foundation helped local sponsors finance two new domestic violence shelters, Stacey’s House in Brevard and REACH of
Macon County, which breaks ground this year.
In Huntersville, a nonprofit created by a local yarn company developed Hart’s Cottage, a group home for persons with traumatic
brain injuries. Land donated by the Town of Red Springs jump‐started development of Parish Place, independent
apartments for persons with disabilities.
The Trust Fund financed $41.5 million in real estate development in 2014, filling critical gaps.
 It made rents more affordable in apartment communities such as Willow Pond in Mocksville and Poplar Crossing in
Concord. In Belmont, Trust Fund financing and land donated by Belmont Abbey helped build Loftin at Montcross.
 The Trust Fund paid for emergency repairs and accessibility modifications for 895 elderly or disabled homeowners, from
Bolivia (Brunswick County) to Balsam (Jackson County).
 The Trust Fund helped the only domestic violence shelter in Mecklenburg County double its capacity by investing in the Clyde
and Ethel Dickson Shelter.
Every dollar appropriated to the Housing Trust Fund goes directly into bricks and mortar.
All‐Time Results
29,490 homes and apartments
$1.1 billion in construction/rehab
19,350 jobs
$131.7 million in tax revenues
What Our Partners Are Saying…
“My bank recently provided financing for a wonderful apartment development in our town. We do it
because the benefits extend far beyond the occupants to create opportunities in the greater
community.”
~Ann Winstead, president & CEO, Tarboro Savings Bank, and vice chair, CICCAR
“The N.C. Home Advantage Mortgage lets us serve clients we might not otherwise reach. This builds a
more robust housing market.”
~Ken Sykes, president, North State Bank Mortgage, Raleigh
“As a builder, I know the difference affordable homes make in my community.”
~Charles Mullen, CEO, Mullen & Company, Rocky Mount, and board member, N.C. Housing Finance Agency
“Asheboro has benefitted from two great apartment communities that supported jobs, built
high quality places for people to live, and increased our city’s tax base.”
~Mayor David Smith, Asheboro
“Affordable rental developments have kept my business strong and allowed us to make a true
difference for North Carolina families for 40 years.”
~Ed Moore, architect, Moore Riley Architects, Raleigh
Partnership Makes for Good Housing
We thank all the North Carolinians who participated in this report, including partners, homeowners,
renters and workers in Asheboro, Asheville, Belmont, Brevard, Charlotte, Concord, Durham, Fayetteville,
Garner, High Point, Huntersville, Jacksonville, Knightdale, Lexington, Mocksville, Mooresville, Raleigh,
Red Springs, Rocky Mount, Tabor City and Tarboro.
If you would like a printed copy of the 2014 Report on Achievements with photos,
please contact Hannah Davis at 919‐877‐5608.
A. Stancil Barnes, Chairman A Self‐Supporting Public Agency
A. Robert Kucab, Executive Director www.nchfa.com
No tax dollars were used for this publication. 1‐800‐393‐0988 or 919‐877‐5700
© North Carolina Housing Finance Agency, 2015.