North Carolina Housing Finance Agency Can Improve the Effectiveness of Its Rental Development Programs (June 2020)

The rental development programs of the North Carolina Housing Finance Agency (NCHFA) have created thousands of affordable rental units throughout the state. However, NCHFA does not have a strategy in place to address the increasing number of affordable housing units that may no longer be affordable upon exiting the Low-Income Housing Tax Credit (LIHTC) program at the end of the 30-year affordability period. In addition, the amenity policy that helps determine where LIHTC projects are located lacks a clear rationale and may prevent projects from being developed in otherwise high-opportunity locations. The Program Evaluation Division also identified administrative issues with two loan programs that help fund development projects—the Rental Production Program and the Workforce Housing Loan Program.

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