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Housing Call: March 22, 2022

Federal updates

  • Alma Adams and David Rouzer introduced the LIFELINE Act (H.R. 7078) to address barriers limiting the use of State and Local Fiscal Recovery Funds (SLFRF) for LIHTC. The bill will enable states and localities to use SLFRF to make long-term loans to Housing Credit developments.
    North Carolina is one of approximately 20 states that allocated federal recovery funds for affordable housing. The legislation would allow $170 million allocated to the Workforce Housing Loan Program to be used as intended for LIHTC projects throughout the state.
    Senator Patrick Leahy (D-VT) is expected to introduce companion legislation in the Senate soon. He is seeking a Republican co-sponsor to join him on the bill. Now is the time to call your House member, Senator Thom Tillis, and Senator Richard Burr to ask them to sign on to this critical legislation. The full bill title is LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act.
  • Confirmation hearings for President Biden’s Supreme Court nominee, Judge Ketanji Brown Jackson began Monday and will continue this week.

State updates

  • Buncombe County will commit to creating or preserving between 2,800-3,150 affordable housing units by 2030, requiring new county investments of ~$54 million. The breakdown of planned affordable units include:
  • 1,850 affordable rental homes affordable at 80% AMI or less
  • Of those, at least half will be affordable at 60% AMI
  • At least 200 will be affordable at 30% AMI
  • 400 ownership units for those earning 80% AMI or less
  • 400 units for either ownership or rent by those earning 80%-120% AMI
  • 500 existing affordable homes will be repaired

County sets affordable housing targets for 2030 | Mountain Xpress

  • A new, permanent supportive housing development, called “King’s Ridge” is planned for Raleigh. When finished, King’s Ridge will have 100 apartments for individuals and families experiencing homelessness. Residents will pay one-third of their income towards rent and can stay in their homes as long as they want/need to: New Raleigh development to offer stable housing | WRAL


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Housing Call: March 15, 2022

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