North Carolina Housing Finance Agency
North Carolina

The Workforce Housing Loan Program (WHLP) is administered by the North Carolina Housing Finance Agency in combination with federal Low-Income Housing Tax Credits (LIHTCs) with the goal of making rental developments financially feasible and more affordable for working families and seniors. Rental developments with 9% LIHTCs and meet the Agency’s loan criteria are eligible for WHLP. As of 2023, the WHLP loan terms are 0% interest, 30-year balloon (no payments). Projects in the Metro geographic set-aside are ineligible to request WHLP. The maximum award of WHLP funds varies by county income designation as follows: - Low-Income County: $2,000,000 - Moderate-Income County: $1,500,000 - High-Income County: $250,000 Full criteria is available in the North Carolina Qualified Allocation Plan (QAP) at https://www.nchfa.com/rental-housing-partners/rental-developers/qualified-allocation-plan.

Funding Source
Special one-time non-federal funding
Funding Year
2021
Program Status
Active
State Funding
$20,000,000
Total Funding
$20,000,000
Website
https://www.nchfa.com/rental-housing-partners/rental-developers/rental-development-financing-options/workforce-housing-loan-program
Contact

Bettie Teasley North Carolina Housing Finance Agency [email protected] 919-981-2679

How Provided?
Development loans
Data Collected by Program
Does not collect data on income, race, ethnicity, disability status, or age
Program Type
Capital resources
Income Eligibility Threshold
80% AMI or less
Duration
Affordability period is 30 years
Info Source
Interview with program administrator
Last Updated
4/2/24 11:37
Coordinates Eligibility With

Does not coordinate with other systems

Income Eligibility Threshold Detail

Both the income average for the property and for any bedroom type cannot exceed 60% AMI

Eligibility Limitations

Does not limit eligibility on these criteria

Priority Populations

Does not prioritize beyond eligibility requirements