Bill > H603

This bill establishes a Workforce Housing Preconstruction Revolving Loan Program administered by the North Carolina Housing Finance Agency to provide short-term financing for workforce housing projects. The program defines workforce housing as housing affordable to households earning between 60% and 120% of the county or state area median income. Preconstruction costs eligible for loans include land surveys, environmental testing, utility connections, planning fees, and site preparation. The Agency will offer revolving loans up to $1 million, with 80% of funds reserved for projects in tier one and tier two counties (less developed areas) and 20% for tier three counties. Applicants must have project equity between 20% and 35%, with the specific percentage determined by local market conditions. The bill appropriates $40 million from the Economic Development Project Reserve to the North Carolina Housing Trust Fund for this program, with the program set to begin on July 1, 2025. The Agency is required to submit an annual report detailing the number, amount, and recipients of loans made under this program to the Joint Legislative Oversight Committee on General Government and Fiscal Research Division.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/H603