Bill > H467

This bill reenacts the Low-Income Housing Tax Credits (LIHTC) program in North Carolina, extending its sunset date from 2015 to 2030. The bill provides a comprehensive framework for how developers can receive state tax credits for creating affordable housing developments. Specifically, the bill allows developers to receive tax credits based on the percentage of units in their housing development that are affordable to low-income households, with credit percentages varying depending on the income level of the county where the development is located. Developers can choose to receive these credits as either a direct tax refund or a loan from the North Carolina Housing Finance Agency. The bill includes detailed provisions about how credits are claimed, transferred, and potentially forfeited if affordable housing requirements are not met. Developers must maintain careful documentation and can lose credits if they fail to comply with federal and state low-income housing guidelines. The tax credits are designed to incentivize the creation of housing affordable to households earning 30-50% of the area median income, with different credit rates applied based on the economic characteristics of the county where the housing is being developed. The bill ensures continued support for affordable housing development in North Carolina by extending the program's availability through 2030 and making the credits effective for taxable years beginning January 1, 2025.

Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H467