The availability of affordable housing in Morehead City will soon receive a boost thanks in part to a sizable funding contribution from the N.C. Office of Recovery and Resiliency.
The town will receive $8.3 million in federal funding that is earmarked for the creation of multifamily housing rehabilitation and construction outside of Morehead City's 100-year floodplain.
Eligible counties include those that were federally determined to be “most impacted and distressed” due to Hurricane Matthew and Hurricane Florence.
According to a press release from North Carolina Department of Public Safety, the town plans to use these funds to build Elijah’s Landing Apartments, a 168-unit multifamily development on approximately 12 acres in the central business corridor of the city.
The project will also be funded by $13.2 million through the 4% Low Income Housing Tax Credit program facilitated by CAHEC Capital Equity and a HUD multifamily loan of $14.2 million.
A third round of funding is planned for 2023 and will support other types of affordable housing projects in storm-impacted areas.
“Rebuilding smarter and stronger includes providing safe, affordable housing to meet the needs of North Carolina families,” said Gov. Roy Cooper. “By leveraging these federal dollars through local partnerships, we’re increasing community resilience for future storms while ensuring our state is better prepared for climate change impacts.”
The development will include one, two and three-bedroom affordable housing units built by East Carolina Community Development Inc.
Morehead City is one of three North Carolina municipalities to receive the funding.
Other grant recipients include Greenville, which will use its portion of the money to build a 180-unit affordable housing development. The project also will include 18 units to be used as transitional housing for populations with a greater risk of homelessness. The development includes an investment of $31.6 million. Of that amount, $1 million is from federal HOME funding and $5 million will come from the Affordable Housing Development Fund.
The third recipient is Wilmington, which has plans to develop a multifamily community with 278 units. Wilmington will use $3.5 million in American Rescue Plan funding toward the affordable housing project and $1.89 million in ARPA funds. A $9 million contribution from the N.C. Office of Recovery and Resiliency will make up the rest of the project's funding.
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