House amendment #1 makes the following changes to the 3rd edition.

Previous provisions direct that, of the $100 million directed to be reserved as Supplemental Disaster Recovery Funds if SB 257 (Appropriations Act of 2017) of the 2017 Regular Session becomes law, $5 million is to be allocated to the Lumber River Council of Government to be used to develop and construct low-income multifamily housing units in the Town of Fair Bluff. Amendment #1 adds several provisions to govern the funds allocated to the Lumber River Council of Government (COG) in the act, as follows.

Directs the Housing Finance Agency (HFA) to coordinate with the Lumber River COG to create a 30- to 35-unit multifamily affordable housing complex within the Town of Fair Bluff town limits. Limits funds allocated to the COG to be used for the development, management, maintenance, and preservation of the housing complex. Requires priority to be given to low-income residents of Fair Bluff affected by the flooding and damage caused by Hurricane Matthew when filling units in the housing complex. Directs the COG to create an entity to hold the ownership interest in the housing complex, and directs the HFA to advise the COG on the creation of the ownership entity. Details the duties of the ownership entity and the HFA concerning the complex.

Requires all funds generated by the housing complex through fees and rents to remain with the ownership entity for the maintenance, repair, upkeep, and continuation of the housing complex. Directs the ownership entity to submit biannual reports on the status of the housing complex to the Town of Fair Bluff and the HFA. Directs the HFA to report to the Joint Legislative Oversight Committee on General Government and the Fiscal Research Division on or before April 1 of each year. Sets out the information that must be included in the report.