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21 <br /> HOW DOES AFFORDABLE RENTAL <br /> HOUSING GET BUILT? <br /> Like any real estate development, affordable housing requires capital. <br /> However, the rents must be affordable to families earning lower incomes. <br /> Special financing tools are required to make the numbers work. <br /> On the equity side, the Housing Credit <br /> leverages the power of the private MARKET RATE HOUSINGCREDIT <br /> market to attract private investment SOFT <br /> II <br /> by providing tax benefits to DEBT <br /> investors. EQUITY <br /> ■ ■ ■ ■ ■ ■ <br /> On the debt side, the North Carolina ■ ■ ■ ■ ■ ■ <br /> -. <br /> Housing Finance Agency provides DEBT <br /> developments with below-market- <br /> rate loans. L $1,000 RENTS $500 RENTS <br /> Equity • soft • -• <br /> are key to creating <br /> affordability <br /> SOFT DEBT <br /> � (I.E., WHLP, NC HOUSING TRUST FUND) <br /> � HOUSING CREDITS <br /> ■■ a <br /> OWNER/ <br /> INVESTO �■ ■ ■ <br /> EQUITY ■ ■ ■ ■ <br /> ■ ■ <br /> LENDER <br /> MORTGAGE ! T <br /> This financing makes it possible to charge rents that are affordable NORTH CAROLINA <br /> to families earning lower incomes. <br /> www.nchfa.com HOUSING <br /> 1-800-393-0988 or 919-877-5700 FINANCE <br /> tt <br /> &. Q <br /> A self-supporting public agency AGENCY <br />