{"id":2483432,"date":"2025-09-07T13:56:00","date_gmt":"2025-09-07T17:56:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reagan-era-credit-pumps-billions-into-north-carolina-housing\/"},"modified":"2025-09-07T13:57:37","modified_gmt":"2025-09-07T17:57:37","slug":"reagan-era-credit-pumps-billions-into-north-carolina-housing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reagan-era-credit-pumps-billions-into-north-carolina-housing\/","title":{"rendered":"Reagan era credit pumps billions into North Carolina housing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freagan-era-credit-pumps-billions-into-north-carolina-housing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2483432&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses the significant impact of a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-to-introduce-10-billion-school-choice-bill-ahead-of-midterms\/\" title=\"Republicans to Introduce  Billion School Choice Bill Ahead of Midterms\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alert-pete-buttigiegs-new-electric-suv-was-made-in-mexico\/\" title=\"ALERT: Pete Buttigieg\u2019s New Electric SUV Was Made in Mexico\">federal tax credit<\/a> program<\/a>, established during Ronald Reagan&#8217;s presidency in 1987, on affordable housing development in North Carolina. The Low-Income Housing Tax Credit (LIHTC) helps finance the construction and rehabilitation of affordable apartments by providing state-allocated tax credits to developers. These credits can be sold to large corporations with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hunter-biden-faces-17-years-in-prison-after-being-indicted-on-tax-evasion-charges\/\" title=\"Hunter Biden indicted for tax evasion, could face 17 years in prison\">substantial tax liabilities<\/a>, generating equity that reduces the developers&#8217; loan amounts and allows them to keep rents lower. In North Carolina, this program is facilitating $1.47 billion in housing projects, creating nearly 22,000 jobs, and generating over $95 million in state and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-department-and-irs-issue-guidance-for-bonus-tax-credit-for-fossil-fuel-communities\/\" title=\"Treasury Department and IRS Issue Guidance for Bonus ... for Fossil Fuel Communities\">local tax revenue<\/a> annually. Despite high demand and a long waiting list for credits, the program recently saw a 12% funding increase, reflecting bipartisan congressional support. NC Housing Finance agency director Scott Farmer emphasizes that such programs are vital for <a href=\"https:\/\/amzn.to\/3YuVZYV\" >maintaining affordability amid rising construction<\/a> and rental costs, benefiting families and seniors throughout the state. <br \/> <!DOCTYPE html><br \/>\n<?xml encoding=\"utf-8\" ?><html><body><\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Reagan era credit pumps billions into North Carolina housing<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2222383\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; A little known federal <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax-credits\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax<\/a> credit that existed since <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/ronald-reagan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ronald Reagan<\/a> was president has a long way toward creating more affordable housing in <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/north-carolina\/\" target=\"_blank\" rel=\"noreferrer noopener\">North Carolina<\/a>, the state director told The Center Square.<\/p>\n<p>The Low-Income Housing Tax Credit will help developers build $1.47 billion in affordable apartments in North Carolina this year and 21,960 jobs and produce $95.3 million in state and local tax revenue, said Scott Farmer, executive director of the NC Housing Finance Agency, which administers the program launched in 1987.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/presidential\/3796415\/wes-moore-2028-presidential-run-reelection\/\">Wes Moore rules out 2028 presidential run, looks forward to reelection<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/world\/3796363\/pope-leo-computer-programmer-carlo-acutis-millennial-saint\/\">Pope declares 15-year-old computer programmer Carlo Acutis first millennial saint<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/3796350\/rand-paul-jd-vance-us-war-crime-venezuelan-boat-strike\/\">Paul slams &#8216;despicable&#8217; Vance post dismissing US &#8216;war crime&#8217; in Venezuelan boat strike<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;What it effectively did was create a state-by-state allocation of federal tax credits to create, effectively, equity, for a public private partnership to develop apartments and also rehabilitate existing apartments,&rdquo; Farmer said.<\/p>\n<p>Once approved for the tax credits, the developers can then sell them on the private market, at a reduced price, such as 80 cents on the dollar.<\/p>\n<p>&ldquo;They are generally purchased by large corporate entities that have large tax obligations,&rdquo; Farmer said.<\/p>\n<p>The money from the sale of the tax credits lowers the amount the developer has to borrow for apartment construction.<\/p>\n<p>&ldquo;That&rsquo;s how you keep the rents down,&rdquo; Farmer said. &ldquo;Your bank debt is much smaller so that you keep your rents affordable. It&rsquo;s the truest form of a public-private partnership because you have the state agency, the federal government and these private investors that are all participating as well as the developers.&rdquo;<\/p>\n<p>Allocations of the tax credit is based on a state&rsquo;s population. North Carolina&rsquo;s allocation is around $34 million a year.<\/p>\n<p>&ldquo;There is a long waiting list,&rdquo; for the tax credits, Farmer said. &ldquo;The problem with this program is that we don&rsquo;t have enough resources to go around.&rdquo;<\/p>\n<p>While other federal programs have been on the chopping block this year, Congress approved a 12% increase in the Low-Incoming Housing Tax Credit program, Farmer said.<\/p>\n<p>&ldquo;It was one of the few things that was increased and shows the bipartisan support for this program,&rdquo; the director said.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/3458085\/house-of-representatives-senate-members-not-seeking-reelection\/\" target=\"_blank\" rel=\"noreferrer noopener\">LIST: THE MEMBERS OF THE HOUSE AND SENATE WHO HAVE SAID THEY WON&rsquo;T SEEK REELECTION<\/a><\/strong><\/p>\n<p>Construction costs, labor and rents have all been going up over the last five years, Farmer noted.<\/p>\n<p>&ldquo;Without these types of programs, it would be difficult if not impossible to make these kinds of properties available for families and seniors,&rdquo; he said.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script> <\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reagan-era tax credit fuels $1.47B in NC affordable housing<\/p>\n","protected":false},"author":2869,"featured_media":2483433,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/north-carolina-state-capitol-istock.webp?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[6178,13123,4344,32258,62804],"class_list":["post-2483432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-credit","tag-economics","tag-housing","tag-north-carolina","tag-reagan-era"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/north-carolina-state-capitol-istock.webp?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2483432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2869"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2483432"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2483432\/revisions"}],"predecessor-version":[{"id":2483436,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2483432\/revisions\/2483436"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2483433"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2483432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2483432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2483432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}