Part I.

Directs the Housing Finance Agency (Agency) to establish a program under the Homeownership Fund to provide assistance, in the form of reimbursement or direct payment, to first-time homebuyers that are employed full-time as public servants in the State. Defines public servant as an active duty member or veteran, law enforcement officer, teacher, firefighter, or EMS personnel employed in the State. Defines first-time homebuyer. Provides for the lesser of $25,000 or 10% of the purchase price for down payment assistance, mortgage insurance premium assistance, and closing costs. Allows for monthly mortgage insurance payment assistance for up to 60 months for any single first-time homebuyer. Authorizes the Agency to adopt, modify, or repeal rules and regulations to implement the act. Includes other defined terms. 

Appropriates $200 million in recurring funds from the General Fund to the Homeownership Assistance Fund for 2024-25 to be used to implement the act. 

Effective July 1, 2024. 

Part II.

Enacts GS 105-153.11 to create an income tax credit of up to $5,000, or the amount of tax imposed for the taxable year calculated as described, for eligible firefighters and rescue squad workers for the amount of ordinary, reasonable business expenses related to their rescue work for which they are not reimbursed by the department or squad. Bars claiming the credit as both an eligible firefighter and an eligible rescue squad worker, defined to mean unpaid members of a volunteer fire department or rescue or emergency medical services squad who attended at least 36 hours of drills or training and meetings, as specified. Effective for taxable years beginning January 1, 2024.