Affordable housing tax loophole threatens to drain local government budgets in NC

By: Greg Childress

Outlets: North Carolina Newsline

Published: March 9, 2026

Words: 1,137

Last Updated: 1 day, 4 hours ago

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A growing number of apartment complex owners in Wake County and elsewhere in North Carolina are taking advantage of a state law that grants property tax exemptions to nonprofits that provide affordable housing to low-and moderate-income residents, Wake County officials say.

In a scheme that one longtime affordable-housing developer refers to as a “rent-a-nonprofit structure,” for-profit apartment complex owners can hand over fractions of ownership to nonprofits to qualify for generous tax exemptions. The …

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