This post is part of a series on the state budget featuring the voices of North Carolina experts on what our state needs to progress so that all North Carolinians have a fair shot to get ahead.
By Samuel Gunter, Director of Policy and Advocacy, NC Housing Coalition
More than 500,000 North Carolina households spend at least half of their income on housing,[i] and communities around the state have been taking notice (including Charlotte, Asheville, Raleigh, Wilmington and Durham). A family that spends most of their income on housing[ii] is unable to invest in other basic necessities like preventative health care or education, much less build resources for the future. While each community’s housing needs are unique, lack of affordable housing is a problem in all 100 North Carolina counties[iii] and calls for a statewide solution.
The NC Housing Trust Fund was created by the General Assembly in 1987 and is administered by the North Carolina Housing Finance Agency. It is North Carolina’s most flexible resource for the state’s growing and complex affordable housing need. Funds leverage private funding to create a variety of housing solutions — homeownership, rental, supportive housing, new construction, rehabilitation, and emergency repairs. Examples include:
- Senior communities;
- Habitat for Humanity homes funded by second mortgages;
- Urgent repairs of dangerous housing conditions; and
- Domestic violence shelters.