Senate committee substitute makes the following changes to the 2nd edition.

Amends the act's short and long titles.

Deletes all of the provisions of the previous edition and replaces them with the following. 

Amends GS 157-4.1 concerning the process and procedure for the establishment and abolishment of a housing authority (authority), deleting language that required a 90 day wait period for the abolishment of an authority after a city passes such a resolution and replacing it with language that now only requires a sufficient time to wind down operations of the authority before abolishing the authority. Amends subsection (c) to provide authority for a municipality to transfer the powers and duties of an authority to a regional council of government (previously, municipalities were only authorized to transfer such powers to a redevelopment commission). Enacts new subdivision (c)8 to specify that the terms of the commissioners of the authority expire on the date set in the abolishing resolution.  Provides that after an authority has been abolished, the governing council can appoint an interim director to work with the authority to facilitate the transfer of the authority. Makes various technical and conforming changes.

Amends GS 157-4.2 concerning the inclusion of an authority's accounting system as part of a city or county budgeting and accounting system, authorizing a regional council of government's budgeting and accounting system to be an integral part of the budgeting and accounting system of that city or county as specified (previously, such authorization was only provided to redevelopment commissions). Makes conforming changes. 

Amends GS 160A-475 concerning the powers of a regional council of government, expanding the listed powers to include the ability to carry out all powers, duties, and responsibilities granted under GS Chapter 157, Housing Authorities And Projects. Provides that the power of eminent domain is not included under those powers and duties. Makes conforming changes.