Midtown-Builders
Affordable Housing in North Carolina
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Affordable Housing Initiatives in the USA: Building Communities with LIHTC and Rapid Rehousing in North Carolina
In the United States, the pursuit of affordable housing is an ongoing mission. With expertise in property development and construction, we at Midtown-Builders have made it our commitment to turn affordable housing dreams into a reality. Our collaboration with the Housing Authority and active participation in the Low-Income Housing Tax Credit (LIHTC) program have enabled us to create low-income housing developments that uplift families and individuals.
Beyond Building Structures: Fostering Thriving Communities
At Midtown-Builders, our mission goes beyond constructing buildings; it’s about community empowerment and sustainability. We understand that providing affordable housing involves more than just physical structures; it’s about establishing thriving communities where residents can prosper and grow. By working closely with local entities and leveraging vital programs like LIHTC, we’re not just constructing buildings; we’re laying the foundation for brighter futures and stronger communities.
Building with Excellence: Crafting Quality and Craftsmanship
Our services stand out for their quality and craftsmanship, whether it’s housing development or commercial construction. With over a decade in the industry, we comprehend the intricacies of construction that go beyond just bricks and mortar.
Navigating local building codes and regulations and coordinating with architects, suppliers, and local authorities – our expertise ensures a seamless project experience that delivers excellence.
Tax Credit & Bond Expertise: Securing Funding for Your Projects
Successful development projects require a deep understanding of the financial landscape. We closely collaborate with property development companies to leverage affordable housing bonds, tax-exempt bonds, and housing trust bonds to secure the necessary funding for your projects.
These housing bonds offer a reliable avenue to generate funds without burdening the project with excessive costs. By partnering with us, you can focus on project development while we handle the financial intricacies.
Creating Affordable Housing in the USA: A Commitment to Accessible Housing
Our commitment extends to providing accessible housing solutions. We actively participate in the LIHTC program, bond programs, and other tax credit incentives, including tax credit apartments and homes. We firmly believe that everyone deserves a safe and comfortable place to call home.
By collaborating with local communities, governments, and stakeholders, we identify and address housing needs. Our innovative financial strategies and leveraging of tax incentives enable us to offer quality housing options at more affordable rates.
Empowering Change: Enhancing the Quality of Life for Residents
Our dedication goes beyond the construction of affordable houses. Through initiatives like low-income home improvement, we drive positive change in neighborhoods, enhancing the quality of life for residents.
Moreover, we believe that community upliftment encompasses more than just physical structures. By fostering an environment where residents take pride in their surroundings, we contribute to stronger, more vibrant communities.
The Art of Multi-Family Housing: Creating Communities
At Midtown-Builders, we understand the heartbeat of urban expansion: affordable multi-family housing for sale. As cities grow and landscapes evolve, the demand for comprehensive and sustainable tax credit housing solutions escalates. Multi-family homes don’t just offer a space to live; they create communities, foster connections, and shape futures.
In recognizing this, our approach is grounded in more than just construction; it’s about curating a holistic living experience that transcends the ordinary. We integrate design, functionality, and community engagement, ensuring every multi-family housing unit we build becomes a nurturing environment. We believe in not just laying bricks but shaping neighborhoods through the artistry of our gallery of developments.
Dedication to Affordability: More Than Just Building
At Midtown-Builders, we do more than just build. We focus on designing spaces that are both functional and welcoming, creating areas where people can come together, chat, and become friends. We believe in building homes that are high-quality and accessible, ensuring that more families find their perfect space without financial strain. We aim to make every project memorable and turn neighborhoods into tight-knit communities.
Collaborative Expertise: Building Partnerships for Affordable Housing
As a leader in the multi-family housing space, we’ve cultivated partnerships with industry experts, home builders, and property development companies. These partnerships represent a shared vision of creating better housing opportunities for everyone. Our collaborative efforts allow us to tackle larger projects and reach more communities, furthering our mission to make quality housing accessible to all.
Diverse Portfolio: Adapting to Unique Community Needs
Our extensive range of multi-family housing showcases our versatility and variety across the country. Each region presents unique challenges and opportunities, allowing us to adapt, innovate, and refine our approach. This geographical diversity enriches our portfolio and empowers us to cater to a wide array of community needs.
Informed Construction: Compliance and Forward-Thinking Design
Our team is not just versed in housing development but also in housing regulations and policies. This allows us to provide effective consultation services to construction and property developers. Every project is approached with an informed perspective, ensuring compliance and forward-thinking design.
Investments That Provide More Than a Home
Good Housing for North Carolinians — Good Business for North Carolina.
Since its creation, the North Carolina Housing Finance Agency has successfully leveraged public funds with private investments to finance affordable housing opportunities that move North Carolina, its economy, communities and citizens forward.
$29.16 Billion
322,500
298,860
$1.97 Billion
Generated
695,300
Our Focus on LIHTC (Low-Income Housing Tax Credit) Program
At Midtown-Builders, we are not merely construction contractors; we are dedicated pioneers in the realm of LIHTC affordable housing and multi-family housing construction. Our commitment to creating vibrant communities and fostering dreams is already a reality, and we encourage you to take a look at some of our past projects.
We understand that affordable housing isn’t merely a catchphrase; it’s a lifeline for many. Through the LIHTC program, we’ve bridged the gap between dream homes and real-world affordability. The low-income housing tax credit program allows us to secure the necessary funding, ensuring our commitment to building robust multi-family housing projects.
The Low Income Housing Tax Credit (LIHTC) Program: A Lifeline for Affordable Housing
In North Carolina, the North Carolina Housing Finance Agency (NCHFA) oversees the allocation of LIHTC credits through a competitive application process. Each year, developers submit applications for projects across the state, which are scored according to the annual Qualified Allocation Plan. NCHFA awards LIHTC credits to the highest-scoring applications.
The Looming Challenge: Aging Affordable Housing Units
Recent data released by NCHFA paints a vivid picture of this challenge:
- Over the next decade, more than 15,000 affordable units, approximately 16% of NCHFA’s LIHTC portfolio, are expected to age out of their period of mandated affordability.
- These at-risk projects are primarily located in metropolitan areas and are often owned by for-profit developers.
- Additionally, some affordable units have already lost their affordability status.
Factors Contributing to the Challenge
Several factors contribute to the impending loss of legally mandated affordable units:
- Rising Construction Costs: As construction costs continue to rise, the feasibility of many LIHTC projects is being challenged. Higher costs per unit may result in fewer units being constructed, exacerbating the affordable housing shortage.
- Noncompliance with Affordability Mandates: Property owners, as LIHTC units approach the higher ends of their allowable rents, may seek to sell projects prematurely. Enforcing deed restrictions on affordability becomes increasingly challenging as ownership changes hands.
- For-Profit Developers: For-profit developers are eager to acquire aging LIHTC developments, potentially flipping units and increasing rents.
Seeking Sustainable Solutions
The Coalition, in partnership with housing advocates and policymakers, is interested in building consensus around solutions for the 2023 Long Legislative Session. As North Carolina continues to grapple with the pressing issue of affordable housing, it’s imperative that proactive measures are taken to ensure that affordable options remain accessible to those in need.
A Shared Responsibility
Investments That Provide More Than a Home
Good Housing for North Carolinians — Good Business for North Carolina.
Since its creation, the North Carolina Housing Finance Agency has successfully leveraged public funds with private investments to finance affordable housing opportunities that move North Carolina, its economy, communities and citizens forward.
Service Areas in North Carolina
Related Services
Affordable Housing
LIHTC
Multifamily Housing
Rapid Rehab & House Restoration