North Carolina Construction News staff writer
More than $1.46 billion in affordable apartment construction and rehabilitation is moving forward across North Carolina with the help of federal tax credits and other financing awarded in 2026. Funding is expected to support about 21,000 construction jobs and generate $92.5 million in state and local tax revenue, according to the North Carolina Housing Finance Agency.
Click the link to view a list of projects: 2026 Awarded Projects
Tax credits and tax-exempt bonds, including awards made in February and June, were approved for 53 developments by the North Carolina Federal Tax Reform Allocation Committee based on recommendations from the Housing Finance Agency, which administers the federal Low-Income Housing Tax Credit program.
Plans include the development or preservation of 4,888 privately owned and managed affordable apartments. Of those, 3,327 will serve families and 1,561 will be designated for seniors. At least 488 units will be targeted to people with disabilities. Financing includes several state and federal programs aimed at making affordable housing developments financially feasible.
Four properties received a combined $6.5 million through the Workforce Housing Loan Program, established by the North Carolina General Assembly in 2014 to encourage Housing Credit development in low-income counties and reduce rents in moderate- and high-income counties.
Another 26 properties received more than $28.8 million in loans through the Rental Production Program, which uses state and federal funding to improve the economic feasibility of rental housing developments.
One property received $2 million through the Golden LEAF Affordable Workforce Housing Initiative, a partnership with the Golden LEAF Foundation that supports housing development in rural, tobacco-dependent and economically distressed communities.
Western North Carolina will also receive additional housing investment through disaster recovery funding following Hurricane Helene.
Under an agreement with the North Carolina Department of Commerce’s Division of Community Revitalization, $69.1 million in Community Development Block Grant–Disaster Recovery funds was awarded to 10 properties in counties most affected by the storm. The funding will create 828 new apartment homes as part of the region’s ongoing recovery.
“The LIHTC program is the state’s best resource for the development and preservation of affordable rental housing across the country,” said Scott Farmer, executive director of the North Carolina Housing Finance Agency. “These apartment homes will strengthen our communities by addressing the growing shortage of affordable housing options for working families and seniors in North Carolina.
“We remain grateful for our partnership with the Golden LEAF Foundation and the Department of Commerce.”
The Housing Finance Agency evaluates applications on behalf of the Federal Tax Reform Allocation Committee. The program received 85 full applications in 2026, making the awards highly competitive.
New construction proposals were ranked using a point system that considers factors including site characteristics, design quality and affordability. Agency staff also conduct site visits and use independent market studies when evaluating proposals.
Rehabilitation proposals are evaluated based primarily on the need for repairs, the scope of proposed improvements and the potential impact on residents’ quality of life.
The 2026 awards represent a major pipeline of affordable housing construction and rehabilitation across the state, with thousands of new and preserved apartments expected to move forward through the combination of federal tax credits, bonds and state funding.