Report on achievements

              North Carolina Housing Finance Agency • 2011 Report on Achievements
Housing
Builds
The North Carolina Housing Finance Agency invested $499 million in the state economy in a year of
lean budgets. The year's work developing 4,690 homes and apartments engaged thousands of
small businesses and their employees – builders, architects, plumbers, electricians – who put
their wages back into local economies.
Our investments in 2011 put
$881 million* into the pockets
of businesses, workers
and their families.
• 8,300 jobs for North Carolinians
• $274 million in wages
• $33 million in local and state tax revenues
Allison Summit, Statesville
Our work drew in private investments…
Equity investment in North Carolina Housing Credit properties returned to
pre-recession levels in 2011, reflecting investors’ confidence in our program.
All 35 of the developments approved in 2011 secured investors. They will
create 2,410 apartments for working families and seniors and support
6,300 jobs. Ten percent of the units will house people with disabilities.
The 85 apartment developments under construction during the year supported jobs for 12,500 workers. In Fayetteville, the local
Chamber estimates that the Carolina Commons complexes have an economic impact of $125 million. In Jacksonville, Glenstal
Apartments supported 160 local jobs. In rural areas like Hudson (Caldwell County) and Elizabethtown (Bladen County), Housing
Credits financed the most significant construction of the year.
Sycamore Park in Fayetteville's Carolina Commons development
“Affordable housing has kept us going
during this downturn.”
Don Tise, Tise-Kiester Architects, Chapel Hill
North Carolina’s Housing Credit market regained ground, attracting private
investments and new developments to 60 towns, from Wilmington to
Asheville. In a still-rocky bond market, we completed two bond sales under
the New Issue Bond Program to offer low-interest mortgages for first-time
buyers. Our decade-long emphasis on energy-efficient construction captured
a national award.
We helped protect property values in 506 communities, where loans from
the N.C. Foreclosure Prevention Fund™ saved homes for more than 3,600
families caught by the state’s high unemployment.
The Agency remained self-supporting, preserved its AA/Aa2 rating for its
bonds, and kept operating costs to below 2 percent of its production.
First-Time Home Buyers
Rental Production
Housing Preservation
Supportive Housing
Rent Assistance
Total
1974 - 2011 2011
Homes Value
83,100 $6.5 Billion
69,970 $4.9 Billion
24,600 $254.4 Million
3,310 $205.4 Million
28,700 $1.4 Billion
206,000 $13.3 Billion
Homes Value
1,140 $147.8 Million
2,410 $294.6 Million
980 $6.2 Million
160 $14.1 Million
25,540 $146.2 Million
29,290 $608.9 Million
Housing
Financed
Housing investments build local economies.
...fostered home ownership
We financed 1,140 homes for first-time buyers. While this was only a fraction
of our pre-recession production, it is a 20 percent increase over 2010.
Some investments improved whole communities. In Statesville, building the
Allison Summit neighborhood turned around a crime-ridden area and sparked
small neighborhood businesses. In Clyde, Barefoot Ridge replaced housing
washed away by floods, helping the town retain residents, shore up faltering
businesses and stabilize its finances.
“After the floods, people would
have left Clyde without new
housing. Barefoot Ridge
helped the town survive.”
Carroll Mease, mayor pro tem, Clyde
We provided loans for 186 Habitat homes
in 2011, nearly half of the Habitat homes
built in the state. These included Phoenix
Place in Chapel Hill, a new subdivision
close to businesses and schools. In
Raleigh, our loans for new construction
freed up resources that the Wake County
Habitat used to repair homes in the
Long Acres neighborhood.
...made homes safe and energy efficient
In 2011 we received a national Environmental Protection Agency Award for our decade-long
effort to incorporate energy-efficient construction in affordable housing. Our part-nership
with Advanced Energy of Raleigh has produced 1,800 single family homes and
supportive housing units, saved homeowners more than $1.5 million in utility costs, and
fostered new business for nine inspection companies. This effort, along with ENERGY
STAR requirements for rental housing, has produced 10,000 homes and apartments.
Our emergency repair and rehabilitation programs made homes safe for nearly 1,000
elderly and disabled homeowners in 2011, and provided accessibility modifications
that kept owners living independently.
...prevented foreclosures, preserved communities
The N.C. Foreclosure Prevention Fund™ helped 3,680 homeowners
who lost jobs during the downturn keep their homes. As the year ended,
we were making 500 new loans a month and were well on the way to
reaching 21,000 in the next three years. Funded through the U.S.
Department of the Treasury’s Hardest Hit Fund,® the effort spanned
506 communities in 97 counties, saving $521 million in property,
shoring up values of neighboring homes and preserving the local
tax base.
The State Home Foreclosure Prevention Project financed counseling
and legal assistance for an additional 5,500 homeowners through
40 local agencies, and helped 950
homeowners obtain “We’ve seen a benefit to local businesses when homeowners loan modifications.
can keep paying their bills, such as for utilities or food.”
Sherry Long, Western Piedmont Council of Governments,
N.C. Foreclosure Prevention FundTM counseling agency
Local field inspectors test energy
efficiency at an Asheville group home.
Construction
workers from
Powell Spring
Apartments
in Pittsboro
stock up.
Mingo Creek Apartments, Knightdale
* The Agency uses the RIMS II model from the U.S. Bureau of Economic Analysis to calculate economic impacts.
Job estimates include jobs created within North Carolina in construction and other economic sectors.
Allison Summit, Statesville
Barefoot Ridge, Clyde
Rental production units that also have rent assistance or preservation loans are
counted once in the grand total.
The Housing Trust Fund is critical.
The Housing Trust Fund financed more than $80 million in
housing for low-income North Carolinians in 2011, sending
$184 million rippling through the state’s battered economy. It
provided housing for 1,570 families, seniors, and people with
disabilities, and generated 1,740 jobs.
The Trust Fund boosted
housing and jobs in 192
towns, from Manteo and
Southport to Kings Mountain,
Lenoir and Sylva. Its
investments lowered rents for
490 Housing Credit apartments.
The work includes a new residential center for Hilltop Home in
Raleigh to care for 22 children with severe disabilities. In
Concord, we partnered with a local Habitat to transform a
condemned building into transitional housing. Trust Fund
investments improved emergency and domestic violence
shelters in Brevard, Carthage and Boone, and kicked off a
community effort in Red Springs, where four homes for
disabled persons were built using energy-efficient Structural
Insulated Panels manufactured in Mocksville. Construction of
Jervay House in Wilmington supported 80 local jobs and
resulted in a home for eight people with disabilities.
The Trust Fund leveraged $6.10 of housing for every $1
of state investment in 2011, helping community sponsors
raise funds from federal, local government and private
sources. For example, a combination of Trust Fund and local
government dollars turned a vacant, neglected property
in Greensboro into Village Crossing,
20 apartments for disabled and
homeless persons.
The Trust Fund continued to benefit
people with very low incomes. Nearly
82 percent of Trust Fund housing in 2011
will serve people below 50 percent of local
median income.
We pay all the Trust Fund’s operating costs, so that
every state dollar produces housing and jobs.
Near downtown Asheville, Montford Group Home
opened in 2011 to serve young adults with autism.
All-Time Results
24,300 Homes and apartments,
built or rehabilitated
16,200 Jobs
$868.8 million Real estate value
Good Housing Builds North Carolina.
We thank all the North Carolinians who participated in this
report, including homeowners, renters and workers in Asheville,
Castle Hayne, Clyde, Fayetteville, Greensboro, Hudson,
Jacksonville, Pittsboro, Raleigh, Statesville and Warsaw.
No tax dollars were used for this publication.
A SELF-SUPPORTING PUBLIC AGENCY.
© NORTH CAROLINA HOUSING FINANCE AGENCY, 2012.
www.nchfa.com
1-800-393-0988 or 919-877-5700
Sam Ewell, Jr., Chairman
A. Robert Kucab, Executive Director