Bill Summary for S 881 (2023-2024)

Printer-friendly: Click to view

Summary date: 

May 3 2024

Bill Information:

View NCGA Bill Details2023-2024 Session
Senate Bill 881 (Public) Filed Thursday, May 2, 2024
AN ACT TO EXPAND MIDDLE-CLASS HOUSING BY PROVIDING CURRENT AND ONGOING FUNDING FOR THE HOUSING TRUST FUND.
Intro. by Smith, Batch, Garrett.

View: All Summaries for BillTracking:

Bill summary

Contains whereas clauses. Appropriates from the General Fund to the North Carolina Housing Trust Fund (Fund), established under GS 122E-3, $30 million in nonrecurring funds for the 2024-2025 fiscal year to be used in accordance with the purposes provided in GS Chapter 122E. Amends GS 161-11.5(2) (concerning the crediting of fees remitted to the State Treasurer to the General Fund) to reduce the percentage of those fees from 20% of the monthly fees collected by the register of deeds remitted to the State Treasurer to 18.5%. Reallocates that 1.5% to the Fund. Amends GS 105-228.30 (distribution of proceeds of excises taxes pertaining to real property), to require the Department of Revenue (Department) to credit 33% of the funds remitted to the Department under GS 105-228.30(b) to the Trust, with the remaining credited to the General Fund. Effective July 4, 2024.