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Housing Call: February 22, 2022

Federal updates

  • The Senate passed a three-week continuing resolution on Thursday to extend current federal funding levels through March 11. The stopgap measure is intended to buy appropriators enough time to develop the FY22 budget. Members of Congress are fairly optimistic about the ability to reach agreement on the 12-bill spending package by this new deadline (extended from Feb. 18). Focus as of late has been on crafting a budget and there is no update on Build Back Better. However, the appropriations process does present Congress with an immediate opportunity to make significant investments in affordable housing.
  • Also through the budget, there may be opportunity to remedy recent Treasury guidance that requires State Fiscal Recovery Funds (FRF) to be expended by 2026. State Fiscal Recovery Funds were allocated to states through the American Rescue Plan Act. At least 12 states, including North Carolina, are using these funds to fill gaps in the LIHTC program due to the pandemic. The guidance issued in December makes loans with maturities after 2026 infeasible, which creates a barrier to using the funds for LIHTC housing. Senators from Maine and Vermont are working on a fix that could be included in the FY22 spending package, which essentially would allow funds to be used past 2026 for affordable housing programs specifically.


State updates

  • The North Carolina General Assembly submitted redrawn district maps to replace boundaries struck down by the state Supreme Court earlier this month. Voters and advocacy groups submitted their own alternate maps as well. The trial court judges will review plans and make a decision by midday Wednesday. For now, candidate filing for the May 17 primary is set to resume on Thursday morning.
  • Cape Fear Housing Coalition held its annual legislative update and advocacy event, where speakers called for action and investment to address the affordable housing crisis. The call to action includes a $50 million investment from the public sector and $50 million from the private sector in 2022 to provide resources to address the problem.
  • Durham Tech Community College announced plans to build 124 affordable housing units near its main campus by fall of 2024: Durham Tech to build new affordable housing units | Spectru​​m News 1
  • ​​Raleigh is rezoning city-owned land around Eliza Pool Park off Fayetteville Street to build a new affordable housing complex. The need for affordable housing near downtown was identified as part of the Dix Edge Area Study and the new properties are expected to add nearly 400 affordable units: Raleigh rezoning several plots of land to make way for affordable housing | WRAL
  • The Charlotte City Council approved four city-owned properties to be developed into affordable housing: Charlotte City Council approve COVID relief funds, affordable housing at Monday meeting | WCNC Charlotte



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Housing Call: February 15, 2022

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