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  • Summary date: Mar 30 2023 - View Summary

    Part I

    Enacts GS 160D-917, requiring local governments to permit by right multifamily housing in areas zoned as highway business, business office, general business, or similar classifications. Bars regulations relating to building design elements or other design standards on these properties but encourages owners to adopt the elements and standards applicable to the area as feasible. 

    Adds a new subsection (c1) to GS 146-29.1, authorizing the State or an agency to sell or lease as a ground lease real property at less than market value to any entity if the Department of Administration (DOA) determines that the buyer is a qualifying development, meaning one where no fewer than 50% of the lots in the proposed development contain affordable housing units for families or individuals with incomes below 80% of area median income, determined as described. Prohibits sales greater than $100 or ground leases greater than $1. Allows terms for grounds leases up to 99 years. Excludes these transactions from the provisions of GS 146-27(b) (requiring consultation with Joint Legislative Commission on Governmental Operations for sales of state land valued at $25,000 or more), GS 146-29 (requiring the Governor and Council of State to approve the sale, lease, or rental of state lands), or GS 146-29.1(f) (delaying transactions where the State-owned property value exceeds $1 million). Makes conforming changes.

    Enacts GS 160A-280.1, authorizing cities and counties to sell or lease as a ground lease real property at less than real market value to any entity if the city (or county) determines that the buyer is a qualifying development, as defined in new GS 146-20.1(c1) described above. Sets identical caps for sales and leases as those set in new GS 146-20.1(c1).

    Part II

    Creates the Reaching the American Dream Loan Pool (Pool) as a revolving loan fund in the Housing Finance Agency (HFA) to be used to capitalize subordinate mortgage loans for qualifying first-time and veteran homebuyers. Specifies that funds do not revert. Establishes 10 parameters applicable to all loans made under the Pool, including requiring loans to be interest free with terms no longer than 10 years, with loan amounts capped at 25% of the purchase price and no more than $50,000. Sets criteria for homebuyers who may be issued loans from the Pool, requiring the individual to (1) be either a first-time homebuyer or a veteran, (2) have a household income at or below 80% of the area median income, (3) complete a homebuyer education course and pre-purchase counseling, as specified and subject to a reasonable fee, and (4) make a reasonable deposit of funds for the purchase of not less than $500, set by the HFA. Details further requirements and limitations of loans, payments, payoffs, recaptures, and proceeds under the Pool. Exempts the HFA from the rulemaking requirements of Article 2A, GS Chapter 150B in adopting procedures for the Pool program. Appropriates $100 million from the General Fund to the Pool for 2023-24 to be used by the HFA to implement the Part's provisions. Effective July 1, 2023.

    Part III

    Appropriates $35 million in recurring funds from the General Fund to the HFA for 2023-24 to be used in the Workforce Housing Loan Program established in GS 122A-5.15. Effective July 1, 2023. 

  • Summary date: Mar 29 2023 - View Summary

    To be summarized.