Local governments in areas hit by Hurricanes Florence and Matthew can apply for $19.4 million in state storm relief funding –if they have “shovel ready” multifamily projects waiting for financing.
The N.C. Office of Resiliency and Recovery (NCORR) announced Friday that the funds will be distributed in October. The funds can only be used for “safe, affordable housing in areas of the state that experienced damage” from Matthew and Florence.
The Affordable Housing Fund focuses on multi-family projects. In addition to providing money for shovel-ready projects, the funds can be used to assist some multi-family housing projects that are under construction.
“Supporting projects that are already moving forward, but still have funding needs, will speed up the pace and maximize local resources while creating long-term, affordable rental housing,” said NCORR Director Laura Hogshead.
Funding is available in counties identified as most impacted and distressed by the hurricanes. Columbus is near the top of the list, having seen multi-million dollar damages from both Matthew in 2016 and Florence in 2018.
Local governments, in partnership with low-income housing tax credit developers, can apply for funding after providing documentation of an acceptable four percent tax credit application and a signed agreement between the government and development partner. The four percent tax credit for the purchase of existing buildings to repair or rebuild, is financed by tax-exempt bonds.
The Affordable Housing Development Fund Program is supported by HUD Community Development Block Grant–Disaster Recovery funding for hurricanes Matthew and Florence. It is one of multiple housing programs overseen by NCORR through its Community Development Office, which also administers the Multi-family Development Fund, Public Housing Restoration Fund and Infrastructure Recovery Program.