Includes whereas clauses.
Appropriates $2.5 million from the General Fund to the Department of Commerce (Department) for each of the 2019-20 and 2020-21 fiscal years to be used to provide matching grants to nonprofits to fund the planning and construction of affordable housing projects in the State. Directs the Department to require nonprofits to match grant funds received at a 1:1 ratio. Requires the Department to develop guidelines and procedures for grant administration and distribution. Requires the Department to disburse grant funds to nonprofits equal to the amount of non-State matching funds the nonproft has obtained, upon submission of satisfactory documentation, which can be on a monthly basis until the total amount awarded to the nonprofit grantee has been disbursed. Requires reversion of unmatched funds on June 30, 2021.
Directs the Department on or before May 1, 2020, and on or before May 1, 2021, to report to the specified NCGA committee and division on the grant program, including details of the number of grants issued, the grant recipients, the specific areas where funds were allocated, and the number of affordable housing units developed as a result of the grant program.
Effective July 1, 2019.
Bill S 456 (2019-2020)Summary date: Apr 1 2019 - View summary