INVESTING IN THE FUTURE OF AFFORDABLE HOUSING IN N.C.: This is the twenty-eighth in a series of informative monthly articles for North Carolina businesses from PNC in collaboration with BUSINESS NORTH CAROLINA magazine.

• Date: 01 October 2023
• Published date: 01 October 2023

As North Carolina continues to attract tremendous business growth and recruit the workforce necessary to deliver on the state's tremendous potential, rising costs and increased demand for housing are exerting significant pressure on the supply of affordable rental housing in communities throughout the region.

While the affordable housing challenge is not unique to North Carolina, it represents a significant area of concern --and not only for households dependent on access to reasonably priced housing, but to the economy at large, says Venus Myles, senior vice president and PNC Community Development Banking market manager for the Carolinas.

Myles, who leads a North Carolina-based team that is laser-focused on helping improve the quality of life in low-and moderate-income neighborhoods, points to research from the National Low Income Housing Coalition that calculates the shortage of affordable housing as costing the U.S. economy approximately $2 trillion per year in lower wages and productivity. That reality alone, she says, brings validation to the multi-stakeholder efforts underway to help improve access to affordable housing.

"All of...