Last week Governor Cooper released a proposed plan for the use of the $5.7 billion in American Rescue Plan funds that North Carolina will be receiving, including $575 million for affordable housing.
The housing funding includes:
- $460m for New Housing Development and Housing Rehabilitation;
- Gap financing to produce new housing (rental and single-family), convert existing housing to affordable housing, and provide direct financial assistance to housing projects adversely impacted by increased construction costs;
- Fund urgent repair and comprehensive rehab of vacant or substandard rental and owner-occupied housing; and
- These funds would require a match (80/20 for Tier 1 and 2 counties and 60/40 for Tier 2 counties).
- $40m for the Workforce Housing Loan Program; and
- $75m for down payment assistance
- $8,000 for eligible first-time homebuyers; and
- $15,000 for eligible first-time homebuyers who are public school teachers.
It is important that policy-makers prioritize affordable housing as part of a post-COVID economic recovery process. Please urge your state legislators to adopt the funding plan proposed by Governor Cooper, and to continue making bold investments in equitable and affordable housing at all levels of government.
As a part of the American Rescue Plan (ARP), the City of Greensboro will receive $59.4 million in emergency funding.
The funds may be allocated in a variety of ways to reduce the impact of the pandemic, including to assist households, small businesses, and nonprofits; offset City revenue losses caused by the pandemic; aid impacted industries, such as tourism, travel, and hospitality; or make necessary investments in water, sewer, or broadband infrastructure.
The need for affordable housing is tremendous in our community and these funds may be used for transformative, one-time infrastructure expenses including housing! This could change the lives of low-moderate income families in our communities who now live in substandard, unhealthy, unsuitable, and unsustainable housing.
Please tell our City leaders how you would like to see the ARP funds spent. Use the City of Greensboro American Rescue Plan Spending Simulator to show how you would divvy up the federal funds to meet local needs!