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Housing Call: November 28, 2023

Coalition Updates

Today is Giving Tuesday! Housing is a human right, and you can join us by giving generously. All North Carolnians deserve a home to live in with dignity and opportunity. Your investment today allows us to continue the hard work to win policies and resources to support the housing movement across our state. Donate today and join a global community of changemakers who invest in worthy causes for 2023 Giving Tuesday.

 

Federal Updates (Between November 14 & November 27)

  • On November 17, President Biden signed another Continuing Resolution, or CR, passed by Congress, which extended the previous temporary spending measure for Fiscal Year 2024 (FY24) funding that was set to expire on November 17. Much like the previous CR passed on September 30, H.R.6363 continues to fund the government at FY23 levels. However, this CR is unique because it is the first ever “laddered” CR, meaning it establishes different expiration dates for different federal agencies.
    • The CR extends funding for four of the twelve spending bills – which includes funding for housing and community development through THUD – through January 19, 2024.
    • The rest of the bills which include funding for the Treasury Department and the Internal Revenue Service are funded through February 2, 2024.

This unique scenario means the government could go into a partial shutdown, impacting only some federal agencies if negotiations do not succeed for certain spending bills over others.

On November 9, the IRS published Revenue Procedure 2023-34 which among other things, outlines the Housing Credit allocations for 2024. A few highlights include:

  • The 9% multiplier will be $2.90 per capita (which is a 15 cent increase from 2023)
  • The 9% small-state minimum allocation will be $3.36 million
  • The private activity bond (PAB) multiplier will be $125 per capita; and
  • The PAB small-state minimum will be $378,230,000 (increase of nearly $20 million from 2023)

  

State Updates

  • The North Carolina Local Government Commission approved $280M in requests for affordable housing construction and rehab efforts across NC at their November 14 meeting. The LGC sits within the State Treasurer’s office and is responsible for overseeing debt and borrowing for local governments and public authorities across the state. This funding is in addition to $750M in revenue bonds that the LGC approved last month for NCHFA. By comparison, the LGC approved just $418.5M in affordable housing financing in all of fiscal year 2022. The most recent round of funding approvals included:
  • NCHFA ($60M) for projects in Anson, Beaufort, Burke, Cleveland, Columbus, Davie, Edgecombe, Iredell, Johnston, Nash, Pitt, Robeson, Scotland, Stanly and Wake counties
  • Inlivian (Charlotte Housing Authority) ($61M)
  • Wilmington Housing Authority ($57.1M)
  • Raleigh Housing Authority ($28M)
  • Wake County Housing Authority ($25M)
  • Winston-Salem Housing Authority ($20M)
  • Fayetteville Metropolitan Housing Authority ($15.5M)
  • Gastonia Housing Authority ($12.1M)

 

State Legislative Updates

Lawmakers in the NC General Assembly are set to return today. It is still unclear how the next few weeks will unfold and the timeline for the technical corrections bill that will address various elements in the budget.

 

Local Community Updates

Durham City Council recently approved the contentious private text amendment known as the Simplified Code for Affordable Housing (SCAD) in a 4-3 vote. The long awaited vote was delayed several times this year and ultimately scheduled to take place after elections but before new council members assumed their roles. Some of the more controversial amendments that were left out of the vote include term limits for affordable housing density bonuses and allowing residential development in areas zoned for some industrial uses. Significant changes that the text amendment will bring about include:

  • The elimination of parking minimums (to increase density)
  • Allowing places of worship to build ADUs on their property
  • Creating provisions that support the “15-minute neighborhood” concept that is featured in their comprehensive plan
  • Eliminating the site plan review process for small-scale development (which is expected to shorten the construction timeline); and
  • Allowing detached row houses (to increase housing density).

Check out another piece from AXIOS highlighting this – Durham joins Raleigh in dropping parking minimums for new construction

 

Reports & Resources

 

Events

 

In the News 

 

Recommended read

Housing Call: November 14, 2023

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