Housing Call: October 25, 2022 – North Carolina Housing Coalition

Federal Updates

HUD is proposing to remove the London Interbank Offered Rate (LIBOR), the typical benchmark interest rate at which major global banks lend to one another as an approved index for adjustable interest rate mortgages (ARMs), and replace LIBOR with the Secured Overnight Financing Rate (SOFR) as a Secretary-approved index for newly originated forward ARMs. HUD also proposes to codify its removal of LIBOR and approval of SOFR as an index for newly-originated Home Equity Conversion Mortgage (HECM or reverse mortgage) ARMs. -They are accepting public comment on the proposed rule through November 18, 2022

State & Local Community Updates

Early voting started last Thursday and runs through Saturday, Nov. 5.
- Check out the 2022 NC Voter Guide here.
- Charlotte ($50M) and Buncombe County ($40M) both have bond measures on the ballot
The North Carolina Housing Finance Agency recently announced a notice of funds for their Supportive Housing Development Program’s 2023 funding cycle. Program guidelines and additional application information can be found on the Agency’s website.
Last week, Wilmington City Council approved the donation of 3 parcels of land on the city’s Northside to Cape Fear Habitat for Humanity. The organization will use the donated parcels to build affordable homes.
Last week, Cumberland County Board of commissioners approved an infusion of $500K in ARPA dollars for the county’s rent assistance program. The County also expects to receive another $1.7M in ERA dollars that will go towards rent assistance. The program has been on hold since January, at which time it had provided over $14M in rent assistance. Applications will reopen on November 1.
Durham County and Orange County’s property tax assistance programs for low-income homeowners are accepting applications. Both programs expanded eligibility this year by reducing the length of time an applicant has to have lived in their home from 10 years to 5 years and have already received over double the total number of applications received last year.
- Durham County Low-Income Homeowners Relief applications are being accepted through January 31
- Orange County Longtime Homeowner Assistance program applications are being accepted through December 1

Habitat for Humanity of Orange Co. announced last week that they received a $1M donation from the Oak Foundation for their Weaver’s Grove project, The 237-unit neighborhood will contain both market rate and Habitat homes.

NCHC News

County Profile survey closes THIS THURSDAY 10/27. As the end of the year quickly approaches, the policy team here at the NC Housing Coalition is working on updating our County Profiles, which provide a snapshot of housing needs for each of North Carolina’s 100 counties. https://airtable.com/shrwNyne7N2bPG0q1
Big thanks to Shawn Heath from the City of Charlotte Department of Housing & Neighborhood Services, who joined us on last week’s call to talk about the Source of Income protection policy that was passed in Charlotte in July 2022.

Events

[webinar] Using the Capital for Communities Scorecard to Boost Social Impact and Equity | Urban Institute, 10/31, 12PM
[webinar] Stacked Decks: Building Inspectors And The Reproduction of Urban Inequality, Harvard Joint Center for Housing Studies, 11/4 @ 12:15
[in-person] Housing Lunch and Learn | Pisgah Legal Services,11/9, 12:00-1:30pm @ First United Methodist in Hendersonville.
- Learn how local advocates are working together to prevent homelessness and create affordable housing opportunities in Henderson County. Lunch will be complimentary but registration is required. Sign up

[hybrid] Next-Generation Innovations in Housing Affordability | Urban Institute, 11/15 @ 1pm
[webinar] Toward New Narratives About Aging in Place | Harvard Joint Center for Housing Studies, 12/8 @ 12pm
[in-person] HFA Institute 2023 | NCSHA, January 8-13, Washington, D.C.
Registration is now open for the National Alliance to End Homelessness’s Innovations and Solutions for Ending Unsheltered Homelessness Conference. The conference will take place March 1–3, 2023, in Oakland, CA.