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Housing Call: October 25, 2022

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.
  • 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



  • 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.
  • 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.




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Housing Call: October 18, 2022

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