Bill Summary for S 424 (2023-2024)
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| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO EXPAND WORKFORCE HOUSING BY PROVIDING CURRENT AND ONGOING FUNDING FOR THE HOUSING TRUST FUND.Intro. by Batch, Garrett, Chaudhuri.
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Bill summary
Includes whereas clauses.
Appropriates $30 million for 2023-24 from the General Fund to the North Carolina Housing Trust Fund to be used in accordance with the purposes of GS Chapter 122E (North Carolina Housing Trust and Oil Overcharge Act).
Amends GS 161-11.5 by amending the distribution of the $6.20 of the fee collected by the register of deeds for registering or filing Instruments in General and registering or filing any deed of trust or mortgage, by decreasing the amount that goes to the General Fund from 20% to 18.5% and adds a distribution of 1.5% to the North Carolina Housing Trust Fund.
Amends GS 105-228.30 by amending the distribution of the proceeds of the excise tax on instruments conveying an interest in real property so that 33% of the funds are remitted to the North Carolina Housing Trust Fund, with the remainder to the General Fund.