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In the Cape Fear Region, there aren’t many ways to get affordable units on the ground. But there is one federal program, the Low-Income Housing Tax Credit (LIHTC), that has.
What’s LIHTC & How Does It Work?
The Reagan-era initiative, run by the Internal Revenue Service, has been around since 1987. Since then, Wilmington developers have used the tax credits for about 43 rental projects, putting into service over 1,900 affordable units.
Here is a map of more recent LIHTC projects. Some critics of the program argue that these can be concentrated in one geographic location.
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Stipends and accommodations for those residents totaled $4.5 million.
While the units were being repaired and empty, DHA paid $383,000 for security to guard the property from vandalism and theft. At 35 acres, it was necessary to protect the units from break-ins, especially because everyone knew that residents were evacuated, Scott wrote in an email to ABC11.
DHA spent $3.7 million on making the necessary repairs including electrical work, plumbing and fixing appliances.
Part of repairs also included around $602,000 for inspections.
The city of Durham contributed a little more than $900,000 for electrical repairs from its Dedicated Housing Fund.
A majority of the costs (77%) were funded through DHA s operational funds.