Local Government Commission approves $750M for affordable housing

Overall approvals at the April 2 meeting totaled $1.5B

Wilmington received $32 million in limited obligation bonds for street projects and funding for the nCino Sports Park. (Image courtesy nCino)

RALEIGH — The Local Government Commission approved more than $1.5 billion in requests at its April 2 meeting, including a $750 million ask by the North Carolina Housing Finance Agency to increase affordable housing options.

The amount is well beyond an affordable housing approval by the Local Government Commission (LGC) in 2022 of $418.5 million.

Per a press release from Folwell’s office, the N.C. League of Municipalities has called housing affordability in the state “a crisis.”

“In its 2024 annual report issued in March, the National Low Income Housing Coalition determined there are 326,751, extremely low-income households in North Carolina, but only 130,930 affordable rental homes,” the press release states. “By 2030 new home construction will fall well short of the need for an additional 900,000 houses created by population growth, research shows.”

Other LGC approvals included:

  • Wake County: $321 million to refinance bonds for school construction and public improvement projects plus $137 million in limited obligation bonds to refinance a bank installment financing agreement for school buildings, equipment, and renovations.
  • N.C. Turnpike Authority: Approval to refund $215 million in Build America Bonds used for Monroe Connector Toll Road.
  • City of Charlotte (Mecklenburg County): $137 million in certificates of participation for government building improvements, police helicopter purchase, vehicle and equipment acquisition, and debt refinancing.
  • CarolinaEast Health System (Craven County): $45 million unsecured line of credit for operational expenses due to cyberattack-related financial needs.
  • City of Wilmington (New Hanover County): $32 million in limited obligation bonds for street projects and construction of a sports complex.
  • Inlivian Housing (Mecklenburg County): $30 million in conduit revenue bonds loaned to Poplar Grove Preservation for multifamily residential facility acquisition and rehabilitation.
  • Cleveland County Water: $12 million USDA Bonds for weir improvements to prevent erosion.
  • High Point (Guilford County): $5.4 million in general obligation bonds for the extension of Samet Drive for development, and improvements to Triangle Lake Road.
  • Southern Pines (Moore County): Nearly $3 million state revolving loan for wastewater collection system improvement.
  • Manteo (Dare County): $1.8 million state revolving loan for replacement of chlorination disinfection system with ultra-violet system, and acquisition of standby generator.
  • Roxboro (Person County): $949,800 installment purchase for replacement of police vehicles and garbage trucks.
  • Junaluska Sanitary District (Haywood County): $750,000 installment purchase for acquisition of property to relocate existing office.

Additionally, the LGC received information that 139 counties and municipalities appear to have missed the April 1 deadline for submitting annual audits. Folwell’s office provided a breakdown of the missing audits with 122 of 549 municipalities and 17 of the 100 counties missing the deadline.

Additionally, 103 of local government units have late audits for 2023 only, 33 of the local government units are missing audits for two years, and three local government units are missing three or more years of audits.

About A.P. Dillon 1294 Articles
A.P. Dillon is a North State Journal reporter located near Raleigh, North Carolina. Find her on Twitter: @APDillon_