Includes whereas clauses.

Appropriates $5 million from the General Fund to the Housing Finance Agency (Agency) for 2017‑18 to establish a low‑income multifamily housing program in the Town of Fair Bluff (Town). Requires the Agency to coordinate with the Town to create a 32‑ to 40‑unit multifamily housing complex within the Town limits. Requires the Agency to allocate the funds appropriated in this act to an ownership entity selected by the Town and advise the ownership entity through the bidding process for the selection of a builder. Requires the Agency to establish guidelines for the ownership entity to follow regarding qualification for residents, with priority given to residents affected by the flooding and damage caused by Hurricane Matthew.

Requires the Agency to assist the ownership entity in the selection of a management company and approve the management agreement; requires approval of any changes in management of the housing complex for a period of 15 years beginning after the initial date of occupancy.

Requires the Town to select an ownership entity that will be responsible for building the housing complex in consultation with the Agency. Sets out additional requirements for the ownership entity. Requires that all funds allocated to the multifamily housing complex be used only for the development, affordability, management, and maintenance of the housing complex; funds generated through fees and rents remain with the low‑income multifamily housing program. Requires the ownership entity to make biannual reports on the status of the program to the Town and Agency. 

Requires the Agency to report on specified information by April 1 of each year to the Joint Legislative Oversight Committee on General Government and the Fiscal Research Division on the multifamily housing program.

Effective July 1, 2017.