RALEIGH—Federal tax credits and other financing awarded in 2026 will build more than $1.46 billion in affordable apartments in North Carolina. The work is expected to support 21,000 jobs and generate $92.5 million in state and local tax revenue.
Tax credits and tax-exempt bonds, including bond awards from February and June 2026, were approved for 53 developments by the North Carolina Federal Tax Reform Allocation Committee, based on recommendations from the North Carolina Housing Finance Agency, which administers the Low-Income Housing Tax Credit (LIHTC) program.
The funding will produce 4,888 privately owned and managed affordable apartments. These include 3,327 apartments for families and 1,561 for seniors. At least 488 of the apartments will be targeted for people with disabilities.
Four properties were awarded $6.5 million from the Workforce Housing Loan Program, which was established by the NC General Assembly in 2014 to encourage development of Housing Credit apartments in low-income counties and reduce rents in moderate- and high-income counties. Agency loans totaling more than $28.8 million were awarded to 26 properties under the Rental Production Program which uses state and federal funds to improve economic feasibility for rental developments.
One property received $2 million under the Golden LEAF Affordable Workforce Housing Initiative, a funding partnership with the Golden LEAF Foundation, which supports housing development in rural, tobacco-dependent, and economically distressed communities in North Carolina.
Lastly, under an agreement with the NC Department of Commerce’s Division of Community Revitalization, $69.1 million in Community Development Block Grant—Disaster Recovery (CDBG-DR) funds were awarded to 10 properties in counties most impacted by Hurricane Helene. This investment will create 828 new apartment homes to support the ongoing recovery efforts in western North Carolina.
“The LIHTC program is the state’s best resource for the development and preservation of affordable rental housing across the country” said Scott Farmer, executive director of the NC Housing Finance Agency.
“These apartment homes will strengthen our communities by addressing the growing shortage of affordable housing options for working families and seniors in North Carolina. We remain grateful for our partnership with the Golden LEAF Foundation and the Department of Commerce."
The NC Housing Finance Agency evaluates tax credit applications on behalf of the NC Federal Tax Reform Allocation Committee. The highly competitive program, which received 85 full applications this year, uses a quantitative ranking system and includes independent market studies of each property and site visits by Agency staff. New construction proposals were ranked on a point system. Points were awarded for site characteristics, design quality, affordability and other published criteria. Rehabilitation proposals were evaluated based on criteria primarily relating to the need for repair, extent of the proposed improvements and positive impact on the tenants’ quality of life.
The North Carolina Housing Finance Agency is a self-supporting public agency that provides safe, affordable housing opportunities to enhance the quality of life of North Carolinians. Since its creation by the General Assembly, the Agency has financed more than 333,400 affordable homes and apartments, totaling $37.4 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com.