Bill > S632

This bill establishes a new Homeownership Assistance Program through the North Carolina Housing Finance Agency specifically designed to support first-time homebuyers who are public servants, such as active duty military members, veterans, law enforcement officers, teachers, firefighters, and emergency medical services personnel. The program will provide financial assistance of up to $25,000 or 10% of the home's purchase price to help with down payments, mortgage insurance premiums, and closing costs. To qualify, a first-time homebuyer must not have owned a residential property in the previous three years and intend to use the property as their primary residence. Additionally, the bill creates a tax credit for volunteer firefighters and rescue squad workers, allowing them to claim up to $5,000 in unreimbursed business expenses related to their volunteer work, provided they have attended at least 36 hours of drills, meetings, or training during the taxable year. The bill appropriates $200 million in recurring funds for the 2025-2026 fiscal year to support the homeownership assistance program and will take effect on July 1, 2025, with the tax credit provision applying to taxable years beginning on or after January 1, 2025.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/S632