North Carolina Governor Roy Cooper announced a proposed $160 million investment in housing on March 15 – the largest proposed housing investment in the state in over a decade. The proposal is included in a set of budget recommendations, “First in Opportunity,” highlighting the necessity of investing in areas of need for North Carolinians, including education, economic development, and physical and mental health. Along with investments in these areas, the proposed budget calls for increasing funding for senior housing by investing in elder-focused Low-Income Housing Tax Credits.
The budget proposes a range of funds to support housing for the lowest-income households, including:
- $50 million in non-recurring funds for the Housing Trust Fund.
- $35 million in non-recurring funds for the Workforce Housing Loan Program.
- $1.5 million in recurring funds for “housing and tenancy support and wraparound mental health services following the U.S. Department of Justice Olmstead Settlement.”
- $25 million in non-recurring funds to create affordable rental units for low-income seniors and for programs to help seniors age in place, like emergency home repairs, single-family home rehabilitation, and accessibility modifications.
Read more about the proposed budget here.
Read more about the housing highlights in the proposed budget here.