September 14, 2021
Those of you who closely follow just how DHIC weaves together sources of funding for its rental communities already know that the North Carolina Housing Finance Agency recently released the list of 2021 Housing Credit Awards. Technicalities of the housing credit program aside, we want to highlight that DHIC had five applications that were awarded either 9% credits or tax-exempt bonds with 4% credits. With a total allocation of $5.34M in annual housing credits over a 10-year period, DHIC will leverage roughly $50M in private investment capital. This success means that DHIC’s real estate development team is about to begin executing on the largest single increase in production of affordable housing units in our organization’s history.
Over the next 24–36 months, DHIC will be able to add another 627 affordable rental housing units to our portfolio. These units will provide new high-quality homes for low-income seniors and families in Apex, Durham, Holly Springs and Raleigh with a total development cost of $132.6M. We’re also proud that this will increase DHIC’s multi-family inventory to 53 properties with 3,851 units.
But we couldn’t have achieved this momentous milestone without one very important person: DHIC’s Vice President of Real Estate Development, Natalie Britt, who just so happens to be celebrating her 25th year with our organization this month. When Natalie joined DHIC fresh out of graduate school as a project analyst in 1996, DHIC was just beginning to have success developing multi-family rental housing with just 300 units in 8 properties placed in service. She has devoted her entire career to providing the highest quality affordable housing to our community. Her commitment to DHIC’s work is evident in the leadership that she provides to our organization and in the broader community. Natalie has been at the forefront of DHIC’s evolution into the Triangle’s leading developer of affordable rental housing. We are blessed and fortunate that she decided to use her talents to further DHIC’s mission over the past 25 years.
Join us in celebration of Natalie for achieving this amazing milestone and the entire Real Estate Development Team for their hard work in securing housing credit awards that will allow DHIC to continue to fulfill its mission!