From the Novogradac Journal of Tax Credits:
Operating expenses between 2010 and 2012 for low-income housing tax credit (LIHTC) properties increased at an annual rate of 2.92 percent between 2010 and 2012, according to a report released by Novogradac & Company LLP, “Novogradac Multifamily Rental Housing Operating Expense Report—Survey and Analysis for LIHTC Properties.” Operating expenses for all multifamily rental properties, including market-rate developments, grew at an annual rate of 2.39 percent during the same period…
But for the region in which North Carolina resides, the news was better:
The fifth fastest growing region was Region 4–Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee–where total operating expenses grew by 1.37 percent annually. This was primarily caused by large increases in payroll expenses and repair and maintenance expenses, but these were tempered by a large decline in operating costs and management fees.