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Housing Call: September 13, 2022

Federal updates

  • Congress is back from recess with a few short weeks to get things done ahead of the midterm elections. There are a lot of agenda items for this period, including a plan to fund the government. Congress doesn’t plan to pass all 12 spending bills during this time, so appropriators are aiming for a continuing resolution as a hold over past the Oct. 1 fiscal year deadline while they negotiate spending deal.
  • The U.S. Department of Housing and Urban Development (HUD) released its Fair Market Rents (FMR) for the 2023 fiscal year. FMRs represent the amount of rent that a renter seeking housing today would need to pay for privately-owned, decent, and modest housing. They are used to set payment standards for various federal housing programs. HUD stated that FMRs will increase by an average of 10% from FY2022, with significantly greater increases in metropolitan areas with even faster rent growth.


State updates

  • The North Carolina Housing Finance Agency (NCHFA) released its first draft the 2023 Low-Income Housing Tax Credit Qualified Allocation Plan (QAP), which oversees how North Carolina’s share of Low-Income Housing Tax Credits are allocated. More details and links to the documents can be found in the Coalition’s news alert. A public hearing on the draft is scheduled for 9/28 at 1:30pm and written comments will be accepted until 9/30.
  • Local governments in North Carolina’s rural areas can once again apply for support from the Rural Transformation Grant Fund, a unique grant program from the Department of Commerce that helps communities overcome challenges that limit their economic competitiveness. Commerce will be accepting grant applications through November 1. The Rural Transformation Grant Fund awards grants in four categories: Downtown Revitalization, Resilient Neighborhoods, Community Enhancements for Economic Growth, and Rural Community Capacity (RC2): New Round Of Rural Transformation Grants Now Available | NC Commerce
  • Bank of America launched a pilot program offering first-time homebuyers in select cities, including Charlotte, zero down payment, zero closing cost mortgages. The goal is to help grow homeownership among Black and Hispanic communities. The new mortgages are known as the “Community Affordable Loan Solution,” and aim to help more individuals and families obtain affordable loans. In addition to zero down, the program will not include a minimum credit score requirement, which can be a barrier to first time ownership for BIPOC households: Bank of America launches new zero down, zero closing cost mortgages in select cities | WCNC
  • Habitat for Humanity is partnering with Freedom Communities and Bank of America in an effort to turn local renters into homeowners. The partnership will focus on 23 homes in the Camp Greene neighborhood in west Charlotte and transition them over time from rentals to owner-occupied homes: Bank of America, Habitat for Humanity partner on affordable housing in west Charlotte neighborhood | WBTV
  • A rezoning request to allow a 40-story building in exchange for affordable “micro” apartment units in Raleigh is controversial. Among other concerns, leaders and residents want to see a bigger commitment to affordable housing. The Raleigh City Council put the matter on hold for two more weeks in hopes new rezoning conditions will better address community members’ and some council members’ concerns about the development: Request to build up to 40 stories in North Hills brings out an ex-Raleigh mayor, Eminem | News & Observer
  • The total number of foreclosure proceedings in Wake County has increased by 425% since last year, according to data from ATTOM Data Solutions. In August 2021, there were 20 total foreclosure proceedings begun in Wake County, whereas in August 2022, there were 105 such proceedings, according to the data. This represents a nationwide trend, where foreclosure starts are returning to pre-pandemic levels: Foreclosures in Wake County are surging – up 425% from a year ago | WRAL Tech Wire
  • A project proposed for the Braggtown neighborhood in north Durham includes up to 182 affordable apartments. While there’s strong community support for the project, the Braggtown Community Association hopes the developer will seek additional funding to make the apartments more affordable in the future: Developer proposes revitalization of Braggtown neighborhood in north Durham, including affordable housing | WRAL
  • The Wilmington City Council voted unanimously to donate a former fire station site to a local nonprofit, the Good Shepherd Center, that plans to build permanent supportive housing for adults with disabilities who are also experiencing chronic homelessness: Wilmington City Council votes to transform former fire station into affordable housing | WWAY


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Housing Call: August 30, 2022

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