Bill > S680

This bill establishes the North Carolina Child Care Finance Agency, a new public agency designed to address the state's critical shortage of accessible and affordable child care. The agency will have a 12-member board appointed by the Governor and legislative leadership, representing diverse backgrounds in workforce development, child care, finance, and construction. Its primary mission is to provide financing for child care facility construction and rehabilitation, with a focus on increasing child care availability for families across North Carolina. The agency will have broad powers to make mortgage and construction loans, purchase federally insured securities, and provide technical assistance to child care providers. Importantly, the agency will prioritize supporting smaller child care providers, facilities with high-quality licenses, and providers serving low-income families. The bill includes provisions for the agency to issue bonds, offer loan insurance, and provide favorable loan terms, including potential loan forgiveness after 15 years if certain service expansion goals are met. The state will initially fund the agency with $20 million and invest 3.5% of the North Carolina Innovation Fund. The agency is designed to operate as a public instrumentality with significant independence, aimed at addressing workforce challenges by improving child care infrastructure and accessibility.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/S680