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  • Summary date: May 6 2024 - View Summary

    Enacts new GS 122A-5.16, providing as follows. Requires the North Carolina Housing Finance Agency to establish and administer the Workforce Housing Preconstruction Revolving Loan Program (Program) to make revolving loans for preconstruction costs for workforce housing projects before developers obtain permanent, private financing. Defines preconstruction costs as land surveys, environmental due diligence and soil testing, utility connections, planning and permit fees, and site clearing and grading. Defines workforce housing as housing that is affordable to households earning between 60% and 120% of the county area median income or the State area median income, whichever is higher. Requires the establishment of guidelines for project equity requirements for applicants between 20% and 35% based on market conditions in the county where the project is located. Requires that funds appropriated to the North Carolina Housing Trust Fund for the Program be used in this statute. Caps loan amounts at $1 million. Requires that 80% of the loans be reserved for projects in counties designated as development tier one and tier two areas, and 20% reserved for projects in counties designated as a development tier three area. Requires an annual report to the specified NCGA committee and division on the number of loans made, and the loan amount and recipients.

    Appropriates $40 million for 2024-25 from the General Fund to the North Carolina Housing Trust Fund for this act.

    Effective July 1, 2024.