State Fiscal Recovery Funds in Action: North Carolina
The Coronavirus State and Local Fiscal Recovery Fund provides $350 billion to state, local, and tribal governments to support their response to and recovery from the COVID-19 public health emergency. This profile highlights how North Carolina is using these recovery dollars for affordable housing.
The LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, H.R. 7078, which will make recovery funds available for affordable housing developments receiving Low-Income Housing Tax Credits, has bipartisan roots in North Carolina. Congresswoman Alma Adams (D-NC-12) and Representative David Rouzer (R-NC-07) announced the bill together in March 2022.
Rep. Alma Adams (D-NC)
Adams: Press Release
Rep. David Rouzer (R-NC)
Rouzer: Press Release
VIDEO: Rep. Adams Introducing the LIFELINE Act
NCSHA Survey: North Carolina Fiscal Recovery Fund
Total Investment: $170 million to North Carolina Housing Finance Agency for gap financing on tax credit properties; $35 million to a local government for new production
Administering Entity: North Carolina Housing Finance Agency
Uses for Affordable Housing: Capital resource (gap filler) to help finance Housing Credit properties. Note: Use of funds is to be prioritized to fill gaps in previously awarded deals.
FRF Leveraging Resources:
- Housing Credit
- HOME
- Housing Trust Fund
- State Funds (Workforce Housing Loan Program)
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