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The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Members
    • AHTCC Leadership
    • Contact Us
    • Finding Housing
  • ADVOCACY
    • Affordable Housing for Veterans
    • COVID-19 Response
    • The Housing Credit
    • Legislation
    • Regulatory Issues
    • Resident Stories
    • AHTCC Legislative Priorities
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Champion of Affordable Housing Award
    • David Reznick Lifetime Achievement Award
  • GALLERY
  • EVENTS
  • NEWS
  • VETERANS
  • JOIN AHTCC
Nov 05

State Spotlight: North Carolina

  • November 5, 2015
  • 2015 News, Advocacy Resources, Housing Credit

AHTCC’s State Spotlight series showcases how the Housing Credit impacts particular states—and how public-private partnerships made possible by the Housing Credit lead to truly exceptional affordable housing communities.

By investing in affordable housing, North Carolina can create jobs and boost the state’s economy for the long term. Stable, affordable housing has been proven to benefit residents’ social, economic, and physical health. And it has community-wide effects as well, as residents with more disposable income can invest in local businesses and help grow the economy.

Thankfully, proven tools like the Housing Credit exist to help boost the affordable housing stock. As the main tool for creating and preserving affordable housing in North Carolina and across the country, the Housing Credit is what enabled public and private partners like Bank of America Merrill Lynch and Charlotte-Mecklenburg Housing Partnership (CMHP) to come together to create The Gables at Druid Hills II and The Dannelly at the Catawba, one of Charlotte’s newest affordable communities, which provide homes for Charlotte’s seniors. It’s also what made possible The Alexander Apartments, a multifamily apartment community with amenities that include fitness trails, an indoor fitness center, computer center, ample closet space along with a picnic and grilling area for outdoor entertaining. All three communities are minutes from downtown with access to parks, libraries, health services and public transportation.

In North Carolina, the Housing Credit has created or preserved more than 70,000 homes and supported nearly 80,000 jobs. And it’s boosted the economy as well, generating more than $7.5 billion in local income and nearly $3 billion in tax revenues to reinvest in the state.

Nationally, the Housing Credit has been incredibly successful since it was signed into law by President Reagan in 1986, creating 2.8 million homes and bringing $100 billion in private capital into communities while supporting 3 million jobs.

There is unique value in the Housing Credit being located in the tax code because there is a high degree of accountability. The federal government awards credits only after properties are built and occupied by income-eligible residents at affordable rents.

Unlike in a direct funding program, private investors – not the federal government – provide all the equity up front and bear the financial risk.

The Housing Credit is made even more efficient by state administration, which reduces federal costs substantially and ensures developments meet the local needs of North Carolina.

It represents the best of what public-private partnerships can do for our communities—leveraging private investment, creating critically needed jobs and providing quality homes for seniors to age in a place close to family and friends and opportunity for residents to improve their own lives—which is why it has always enjoyed bipartisan support.

As Congress, including Senator Burr and Representative Holding, considers tax extenders and broader reform let’s hope members also consider the power of the Housing Credit to strengthen the economy and change lives—in North Carolina and across America.

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The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • IRS Issues Housing Credit Relief in Response to COVID-19 Crisis
  • New Congress and Administration Present Opportunities for Affordable Housing

AHTCC ON TWITTER

Retweet on TwitterAHTCC Retweeted
16 Jan

The IRS just issued long-awaited guidance to extend Housing Credit deadlines and provide other flexibilities in light of the COVID-19 pandemic. Initial IRS relief expired at the end of 2020, and new ... notice extends through Sept 2021 and later. Our summary: https://www.taxcreditcoalition.org/irs-issues-housing-credit-relief-in-response-to-covid-19-crisis/

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