Rental Investments

Financed with housing tax credits and tax-exempt bonds and continuing the Durham Housing Authority’s Downtown and Neighborhood Plan, The Joyce and JJ Henderson in Durham provides homes for seniors across the street from Duke University. A mixed-income development, The Joyce serves residents at 30%, 60% and 80% of the area median income. A renovated development, JJ Henderson continues to serve local seniors nearby. Built to market design standards, the development is indistinguishable from existing market rate apartments in the area, and includes a robust services program provided by the Durham Housing Authority. 

“I’m truly blessed,” said a resident of The Joyce in Durham. “I love my place. It’s convenient, I can get on the bus and ride anywhere I want to go.”

Our Impact in 2024

The North Carolina Housing Finance Agency finances construction of affordable rental housing throughout the state through federal housing tax credits, low-interest loans and tax-exempt bond allocations annually through a competitive application process. Tax credits and tax-exempt bonds will produce 3,631 apartments for families and 580 for seniors in 31 towns from Hendersonville to Elizabeth City.

Other rental investments, including Pungo Village in Belhaven, help families afford to stay in the communities they love.

“My family has been here in Belhaven some 150 years and we really do not want to leave,” said a resident of Pungo Village. “We always have been able to find a way to thrive and this affordable housing does that for us right now, so we thank you all.”

In 2024, the Golden LEAF Foundation, which provides funding to increase economic opportunity in rural, tobacco-dependent and economically distressed communities in North Carolina, provided up to $6 million to support the development of new construction family properties in designated counties. Two properties received a combined $4 million under the Golden LEAF Affordable Workforce Housing Initiative, which is provided as a 30-year deferred loan at 0% interest.

In 2022, the NC General Assembly appropriated an historic $190 million to the state’s Workforce Housing Loan Program to address substantial funding gaps for workforce housing developments caused by the COVID-19 pandemic. In 2024, 1,570 units were financed through the infusion of funds to provide affordable rental options in 20 counties.

Rental Assistance

The NC Housing Finance Agency oversees Performance Based Contract Administration for properties with Section 8 Rental Assistance. In 2024, this key affordability tool helped 23,780 households. 

The Agency also partners with the NC Department of Health and Human Services on the Transitions to Community Living Voucher, which helped 3,150 North Carolinians with disabilities be diverted from or transitioned out of institutional care and into the communities of their choice.

The Targeting Program requires properties utilizing Low-Income Housing Tax Credits to set aside 10–20% of units for participants of the Targeting Program, which helps low-income households access safe rental housing that is affordable to them. The Targeting Program served 3,050 households in 2024.