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2024 Update: Local governments are closing the financial gap for affordable housing developments

Community and Economic Development Program of UNC

Earlier this month, DFI examined how local governments in North Carolina have stepped in to make new affordable housing construction economically viable after a historic increase in construction costs and elevated interest rates. In August, the North Carolina Housing Finance Agency (NCHFA) released the latest funding awards for 2024.

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How local governments are closing the financial gap for affordable housing developments

Community and Economic Development Program of UNC

A June 2024 survey of the nation’s largest developers found that two-thirds of multifamily projects in the pipeline are delayed because they are no longer economically feasible under current conditions. 1] The data shows that rising costs are taking a toll on new affordable housing projects.

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How changes to Fair Market Rent affects access to affordable housing for extremely low-income renters

Community and Economic Development Program of UNC

Housing Choice Vouchers are a critical source of funding for North Carolina’s lowest income renters to access affordable housing. 1] The program works by requiring voucher holders to pay a third of their income, while HUD covers the remaining portion of the housing costs.

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Recent Trends in Real Estate Development: Winter 2024

Community and Economic Development Program of UNC

Real estate market watchers shared cautious optimism that the Federal Reserve may begin to cut rates in 2024 after announcing that rates would remain the same for the third consecutive time in December 2023. However, some economists have said that higher than expected inflation numbers released in January 2024 could delay those rate cuts.

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Four Years After the Pandemic, Work-From-Home Trends Reshape Residential Choices and Real Estate

Community and Economic Development Program of UNC

Work-from-home trends have stabilized since 2022. 1] In 2024, between 25 and 30% of the U.S. According to one study by the Federal Reserve Bank of San Francisco, “the shift to remote work accounts for more than half of overall house price growth over the pandemic.” March 5, 2024. Davis, 2021. 2] Akan et al.

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Data Analysis: What 421-a Extension Requests Tell Us about the Future of Multifamily Housing Development in NYC

The Stoop (NYU Furman Center)

Projects relying on the 421-a completion extension in tandem with Mandatory Inclusionary Housing (MIH) are expected to deliver both more housing and deeper affordability to several neighborhoods across the city, according to a recent data analysis by the NYU Furman Center.

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How to Convince Your Boss to Send You to the Reclaiming Vacant Properties Conference

Center for Community Progress

When : October 9-11, 2024. The room rate ends on September 16, 2024 or when the room block sells out. You’ll learn about new laws and issues affecting vacant property. Your community is facing different challenges in 2024 than it was in 2007, and even in 2022. The sessions at RVP reflect that!

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