Report on achievements

              North Carolina Housing Finance Agency
2013 Report on Achievements
Housing Changes
Everything
Housing investments make a difference!
For North Carolina…
* 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.
In 2013, the North Carolina Housing Finance Agency financed $775 million
of real estate activity. From Belhaven to Boone, its investments will meet
critical needs, put North Carolinians to work, and build local tax bases.
Housing
Financed 1974-2013 2013
Homes Value Homes Value
First-Time Home Buyers 86,370 $7.0 Billion 2,020 $271.7 Million
All Home Buyers 86,610 $7.0 Billion 2,160 $291.5 Million
Rental Production 75,750 $5.6 Billion 2,550 $311.1 Million
Housing Preservation 28,000 $293.6 Million 1,600 $14.0 Million
Supportive Housing 3,920 $235.7 Million 140 $10.8 Million
Rent Assistance 29,490 $1.7 Billion 25,700 $147.7 Million
Total 221,770 $14.8 Billion 30,990 $775.1 Million
Rental production units that also have rent assistance or preservation loans are counted once in the grand total.
The work will send $894.2 million rippling
through the state’s economy.*
• 6,440 homes and apartments • 8,270 North Carolina jobs
• $301 million in wages • $44.3 million in tax revenues
…for Communities…
Apartment developments under construction in 2013
supported 12,760 jobs, including architects, plumbers, electricians
and local retail workers. For towns such as Locust, Newland and Whiteville, the new
apartments represent a significant investment in the local economy: building Ardsley
Commons, Linville Cove and Covey Run in these communities supported 345 jobs.
In High Point, Park Terrace replaced outdated public housing with a flourishing rental
community. In Winston-Salem, a failing single-family development, The Enclave,
was rescued from foreclosure and converted into 68 apartments for working families.
In Charlotte, The Retreat at Renaissance is the first phase of a revitalization of the
40-year-old Boulevard Homes.
Housing credits awarded in 2013 will continue that work, producing 40 affordable
rental developments with 2,550 apartments and supporting 5,860 jobs. Ten percent
of the apartments will be targeted for people with disabilities.
Home ownership investments strengthened
224 communities. Ballentine in Chapel Hill provided
homes for teachers, nurses and other workers who serve the
community but could not otherwise afford to live there. In
Charlotte’s Grier Heights, Elizabeth Heights replaced abandoned
duplexes and helped reduce crime by 30 percent.
We invested in 228 Habitat homes in 68 communities. In
Winston-Salem, the local Habitat transformed a stalled
subdivision into the thriving Smith Farms neighborhood. In
Wilmington, the local affiliate produced Habitat’s first-ever
Build America house (using all Made-in-America products)
at Gideon Pointe.
Across the state, moderate-income
home buyers gained new
opportunities thanks to the new
N.C. Home Advantage Mortgage™,
which offers down payment
assistance for first-time and
move-up buyers. The program
funded $112.7 million of mortgages
in its first 10 months.
Altogether, we financed 2,160
homes in 2013.
“Job loss has devastated
our community and left
many people without the
means for a decent place
to live. The apartments
funded by the N.C. Housing
Finance Agency are a
godsend for our citizens,
particularly people in poor
health or the elderly.”
Mayor Wayne R. Tuggle, Sr., Eden
…for Lives
The N.C. Foreclosure Prevention Fund had
helped 15,000 families keep their homes by year’s end,
making monthly payments for unemployed workers while they look for jobs
or retrain. The Fund assisted 5,060 families in 2013. Of those who have
completed assistance, 98 percent have successfully avoided foreclosure.
To better meet the needs of veterans transitioning to civilian employment,
we consulted with the Veterans Administration, expanded the program,
and partnered with the VA, USO and North Carolina military bases to reach
out to returning soldiers.
The Agency also paid for foreclosure prevention counseling for 14,000 homeowners through the State Home Foreclosure
Prevention Project and a National Foreclosure Mitigation Counseling Grant, and continued to oversee nearly $14 million in
grants to counseling agencies under the National Mortgage Settlement of the Attorneys General.
Stable, affordable housing improves
educational outcomes. Good housing
can offer better access to strong schools,
and children do better when they move
and change schools less often.
Center for Housing Policy, Washington, DC
“Affordable developments have
been a great opportunity for our
city – they’ve turned undeveloped
property into valuable tax base.”
Mayor Terry Mann, Whiteville
“As a former school principal, I know first-hand how
important it is for a child to have a home. Affordable
developments in Concord look good and fill a need.
I would love to have more.”
Mayor Scott Padgett, Concord
Elizabeth Heights, Charlotte
Elizabeth Heights, Charlotte
Gideon Pointe, Wilmington
Gideon Pointe, Wilmington
Linville Cove, N ewland
Park Terrace, High Point
Ballentine, Chapel Hill
In a difficult bond market, we launched the
N.C. Home Advantage Mortgage™, offering
home buyers stable financing and down payment
assistance without the use of public funds.
We expanded the successful N.C. Foreclosure
Prevention Fund to better assist veterans
seeking civilian jobs. By year’s end, the three-year-
old program had helped 15,000 unemployed
workers in all 100 counties and saved more than
$2.1 billion in property.
The Agency kept operating costs to less than
2 percent of the value of housing financed
and maintained its AA/Aa2 bond rating.
New Construction, Pittsboro
2013 Housing Trust Fund
1,920 Homes • 265 Communities • 1,200 Jobs
The Housing Trust Fund reached a $1 billion milestone
in 2013 for the value of the housing it has financed across all
100 counties. In 2013, we added $59.8 million of new construction
and rehab – 1,920 homes and apartments. Eighty-six percent of
the units benefit people making less than half of the local median
income, including working families, seniors and North Carolinians with
disabilities. Over the last five years, leverage has produced an average
of $5 of housing for every $1 invested by the State.
Trust Fund investments filled critical gaps.
• Developments like Wesley Heights in Taylorsville
added to the growing stock of apartments for
persons with disabilities.
• Trust Fund dollars paid for emergency repairs and
accessibility modifications for 1,440 elderly or
disabled homeowners. Habitat of Iredell County used
some of those dollars to repair homes for veterans.
• Shelter Home in Caldwell County used Trust Fund
financing to double the number of beds it provides
for domestic violence survivors.
• Trust Fund financing made rents more affordable
for very-low-income seniors and families in
developments like Sunset Place in Asheboro
and Cedar Ridge in Haw River.
Wesley Heights, Taylorsville
$1 Billion Milestone
1987-2013
• $1 billion of real estate value
• 28,000 homes and apartments
• 18,740 jobs
• $128.5 million in tax revenue
To streamline development of small-scale
rental properties for people with disabilities,
we commissioned architectural plans for accessible,
energy-efficient and cost-effective apartments that can
be configured as single-family homes or duplexes. The
plans will reduce costs for community organizations and
reduce the amount of Trust Fund financing needed.
Lee-Harnett Haven, Sanford
Every dollar appropriated to the Trust Fund
goes directly into bricks and mortar.
www.nchfa.com
1-800-393-0988 or 919-877-5700
© North Carolina Housing Finance Agency, 2014.
Joseph R. Parker, Jr., Chairman
A. Robert Kucab, Executive Director
No tax dollars were used for this publication.
We thank all the North Carolinians who participated in this report, including homeowners,
renters and workers in Chapel Hill, Charlotte, Concord, Eden, Greenville, Henderson, High Point,
Knightdale, Mooresville, Newland, Pittsboro, Raleigh, Sanford, Whiteville and Wilmington.
Good Housing is the Beginning.
A Self-Supporting Public Agency.