AN ACT TO PROVIDE FUNDING FOR THE WORKFORCE HOUSING LOAN PROGRAM ADMINISTERED BY THE NORTH CAROLINA HOUSING FINANCE AGENCY.
House committee substitute makes the following changes to the 1st edition.
Eliminates the proposed $20 million appropriation to the NC Housing Trust Fund. Instead, provides the following.
Directs the State Controller to deposit $10 million in the General Fund from the cash balance in the Federal Insurance Contributions Act (FICA) Fund. Requires the General Fund to be credited $10 million from the proceeds of the of the insurance regulatory charge of the 2020-21 fiscal year that would be credited to the Insurance Regulatory Fund, effective for the charged levied for the 2020-21 fiscal year and due and collected after July 1, 2020.
Appropriates $20 million in nonrecurring funds from the General Fund to the NC Housing Finance Agency (Agency) for the 2020-21 fiscal year to be used for the Workforce Housing Loan Program pursuant to the specified state law provisions governing the Program. Mandates the appropriated funds to be fully allocated during the 2020 housing credit award cycle (identical to language accompanying the previous appropriations provisions).
Reenacts and incorporates by reference the State Budget Act, GS Chapter 143C.
Provides for the continued validity of 2019 legislation appropriating funds to an entity covered by the act unless expressly repealed or amended.
Maintains the act's effective date of July 1, 2020.
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