The Affordable Housing Subcommittee Meeting held on September 2, 2025, in Buncombe County, North Carolina, focused on critical discussions regarding tenant income requirements and compliance periods for affordable housing projects.

One of the main topics addressed was the income thresholds for tenant households, which must earn below 60% to 80% of the area median income to qualify for affordable housing initiatives. The meeting highlighted that the affordability period for Low-Income Housing Tax Credit (LIHTC) projects typically spans 30 years, divided into a 15-year compliance period followed by a 15-year extended use period.

A significant point raised was the potential for North Carolina to extend this compliance period. Currently, the state adheres to the 15-year standard, but examples from other states, such as California, which has increased its compliance period to 55 years, were discussed. This extension could provide greater stability and assurance for affordable housing projects in the region.

The meeting also touched on the implications of noncompliance during the initial 15 years, which could lead to the recapture of tax credits. To qualify as a LIHTC project, at least 40% of the units must be rent-restricted and occupied by tenants earning 60% or less of the area median income.

In conclusion, the discussions at the meeting underscored the importance of reviewing and potentially revising compliance periods for affordable housing projects in North Carolina, aiming to enhance the effectiveness of these initiatives in providing long-term housing solutions for low-income families. Further exploration of these options is expected in future meetings.