HOUSING IMPACTS
North Carolina Housing Finance Agency 2016 Report on AchievementsAlways an economic driver, our housing investments supported 17,180 jobs—
20% more than 2015—and generated $92 million in taxes and revenues for state
and local governments. Our efforts supported thousands of small businesses,
including plumbers, electricians and engineers.*
IMPACTING NORTH CAROLINA’S ECONOMY
2016 PRODUCTION
13,200
homes and
apartments
17,180
jobs
$92 million
tax revenue
In 2016, the North Carolina Housing Finance Agency financed $1.8 billion in real estate activity—an all-time high—netting a
significant return on investment and infusing an additional $500,000,000 in wages and spending into the state’s economy.
2016 was a record year for the state’s affordable
housing market. Our home loans helped 6,380 home buyers,
while a mix of Housing Credits and bonds will produce
5,690 apartments, the highest production numbers ever.
IMPACTING COMMUNITIES
2016 INVESTMENTS
WILL HELP
6,380
home buyers
5,690
renters
570
communities
We collaborated with developers, builders, local and state agencies and nonprofit
groups to overcome local housing challenges and rejuvenate neighborhoods in
more than 570 towns and cities ranging in size from 329 to 800,000 people.
IMPACTING NORTH CAROLINIANS
NC FORECLOSURE
PREVENTION FUND
$4.2 billion
property preserved
98%
avoided foreclosure
We helped thousands of low-wealth North Carolinians buy homes, protected thousands more from
foreclosure and financed affordable options for renters priced out of the skyrocketing rental market.
Our flexibility with investments led to cost-saving innovations.
Wake County Habitat used our funding to pre-build home components
for assembly at home sites, increasing production. Our revamped rehab
financing now prioritizes home repairs, enabling partners to help twice
as many seniors, veterans and persons with disabilities.
The Agency invested $909.4 million in home ownership in 2016,
helping working families in towns such as Goldsboro, Spindale and
Winston-Salem, boosting the production of our partners including
160 lenders, nonprofits and local governments statewide.
In 2016, the Agency achieved
the milestone of helping 100,000
home buyers since its creation.
Our NC Home Advantage MortgageTM
with down payment assistance
spurred a 25% growth in the number
of home buyers we helped over 2015.
We continued to use the state’s Workforce
Housing Loan Program to reduce rents
in markets like New Bern and Wilmington
where rising rents have outpaced wages. The
state resource also helped us develop rental
housing in counties such as Clay and Macon
that have not had affordable rental housing
built in several years—or ever!
Our successful NC Foreclosure
Prevention Fund attracted an
additional $224 million from the U.S.
Department of the Treasury, allowing us
to help 2,520 more North Carolinians
avoid foreclosure in 2016, including
victims of Hurricane Matthew and
veterans transitioning to civilian life.
Our investments brought new opportunities to towns
such as Chapel Hill where Phoenix Place restored the
struggling Rogers Road community with 50 new homes,
repairs on existing properties and infrastructure for future
development. In Charlotte, Renaissance Apartments
transformed an old public housing site to a thriving
mixed-income community for seniors and families, while
across town, Elizabeth Heights replaced vacant duplexes
with new homes for working families, including teachers
and veterans.
ALL-TIME RESULTS
Celebrating 30 years, the Housing
Credit had its biggest year yet in North
Carolina, combining with bonds to produce
59 developments in 43 communities, with
at least 10% of apartments targeted to
persons with disabilities. In 2016, the
number of targeted units increased by 1,300,
allowing 1,800 persons with disabilities to
live independently in their communities.
23,740
families
*The Agency uses the RIMS II model from the Bureau of Economic Analysis to calculate economic impacts. Job estimates include jobs supported within North Carolina in construction and other economic sectors.
Renaissance Apartments, Charlotte
Arbor Glen, Lenoir New Home, Rowan County
Cooper Terrace, Elkin
© North Carolina Housing Finance Agency, 2017. No tax dollars were used for this publication.
A. Stancil Barnes, Chairman
Scott Farmer, Executive Director
nchfa.com
1-800-393-0988 or 919-877-5700
HOUSING TRUST FUND: LEVERAGING IMPACT
HOUSING
FINANCED
1974–2016 2016
Homes Value Homes Value
Home Buyers 101,180 $9.2 Billion 6,380 $954.8 Million
Rental Production 90,300 $7.3 Billion 5,690 $664.6 Million
Housing Preservation 31,700 $333.3 Million 1,080 $13.3 Million
Supportive Housing 4,280 $267.4 Million 55 $7.2 Million
Rent Assistance 31,320 $2.1 Billion 26,590 $159.5 Million
TOTAL** 255,000 $19.2 Billion 37,560 $1.8 Billion
**Rental production units that also have rent assistance or preservation loans are counted once in the grand total.
The Agency leveraged private sector and federal
investments with the N.C. Housing Trust Fund to build
1,250 affordable homes and apartments for low-income
seniors and families in 2016. Eighty-four percent of those
earn less than half of their county’s median income.
The Agency used Trust Fund dollars to finance
supportive housing developments that included women
and family shelters, housing for person with traumatic
brain injuries and apartments for persons with disabilities.
Ralph Drive Group Home in Cary was rehabilitated for
residents with development disabilities. Parish Place II
offered new apartments for persons with disabilities in Red
Springs and sparked renovation in the surrounding area.
Trust Fund investments made rents
affordable for 340 families and seniors in
towns such as Enfield, Jefferson and Tabor City.
Another 860 seniors, veterans and persons with
disabilities were able to stay in their homes
thanks to urgent repairs and accessibility
accommodations paid for by the Trust Fund.
Since 1974, the N.C. Housing Finance
Agency has financed 255,000
homes and apartments totaling
$19.2 billion, increasing housing
opportunities that generate jobs and
dollars for North Carolina. Our self-supporting
state agency continues to
keep its operating costs to less than
2% of the housing financed, and
maintains a AA/Aa2 bond rating.
32,260
homes and
apartments
$140.6 million
tax revenues
21,040
jobs
The Housing Trust Fund has helped finance $1.2 billion
in housing since its creation. All appropriations go
directly into bricks and mortar, not administrative
costs. Over the past five years, every $1 invested has
yielded an average of $4 in housing.
HOUSING IMPACTS EVERYTHING
ALL-TIME RESULTS
Ellsworth Commons, Greenville