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NC Housing Finance Agency Awards $26.9 Million for Housing Preservation

Valerie Sciacca
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RALEIGH—The NC Housing Finance Agency has approved $26.9 million in funding for the preservation and rehabilitation of rental homes in five communities for North Carolina households earning up to 80% of the area median income, with a priority to preserve units affordable for households earning up to 30% of the area median income.

The Agency awarded this funding through its Rental Preservation Loan Program (RPLP), a new program that preserves existing affordable rental housing across the state by providing financing for the acquisition and rehabilitation needs of affordable rental properties currently in the Agency’s rental investment portfolio.  

“We are committed to finding new and unique ways to provide safe, affordable housing for North Carolinians,” said Scott Farmer, the Agency’s executive director, on the new RPLP program. “We are proud to create programs and funding that will preserve affordable housing in communities statewide.”

Five developments have been awarded funding:

  • Bay River Apartments in Bayboro, sponsored by DHIC, will rehabilitate 20 units in five buildings.
  • Forest Park Phase II in Statesville, sponsored by Pressly Residential Group, LLC, will rehabilitate 40 units in two buildings.
  • Meadow Crossing Apartments in Beulaville, sponsored by Pendergraph Companies, LLC, will rehabilitate 32 units in 11 buildings.
  • Morgans Ridge Apartments in Wilson, sponsored by Pendergraph Companies, LLC, will rehabilitate 72 units in nine buildings.
  • MacGregor Village Apartments in Greenville, sponsored by DHIC, will rehabilitate 80 units in nine buildings.

More information about the RPLP program can be found here: http://www.nchfa.com/rental-housing-partners/rental-preservation-partners 

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 321,320 affordable homes and apartments, totaling $34.4 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com. 

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North Carolina Housing Finance Agency / 3508 Bush Street / Raleigh, NC 27609 / 919-877-5700

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