North Carolina Housing Finance Agency
North Carolina

The Rental Production Program (RPP) provides long-term financing in combination with federal Low-Income Housing Tax Credits (LIHTCs) for rental developments that serve families earning 60% or less of the area median income. RPP loans are awarded through an annual competitive cycle that ensures equitable distribution among the three geographic regions of the state and between metropolitan and urban areas. 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
General revenue; Dedicated funding stream
Funding Year
2022
Program Status
Active
State Funding
$3,000,000
Total Funding
$13,000,000
Website
https://www.nchfa.com/rental-housing-partners/rental-developers/rental-development-financing-options/rental-production-program-loans
Contact

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

How Provided?
Development loans
Other Federal Funding
$10000000
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 11:52
Other Eligibility Requirements

No other eligibility requirements

Coordinates Eligibility With

Does not coordinate with other systems

Income Eligibility Threshold Detail

At least 40% of low-income units should be affordable to households at or below 50% AMI; 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

Very low-income households (income less than 50% AMI)