Bill > S1055

This bill, the Carolina Housing Promise Act, aims to address housing affordability and accessibility in North Carolina by increasing the bonding authority of the Housing Finance Agency from $12 billion to $18 billion to finance housing projects, and by modifying the excise tax on real property conveyances to generate additional revenue for housing initiatives. It establishes a Housing Innovation Office to research and implement solutions for affordable, supportive, and sustainable housing, and allocates significant funding to the Housing Trust Fund for affordable housing development. The bill also introduces tax credits for donations to the Housing Trust Fund, allows for "by right" development of accessory dwelling units and higher-density housing near transit, and streamlines the approval process for affordable housing developments. Furthermore, it creates a first-time home buyer savings account with tax deductions, funds programs for rural water infrastructure, manufactured home repair, and the conversion of hotels and motels into affordable rental units, while also establishing an emergency housing response fund and a voluntary buyout fund for disaster-prone areas. The bill also includes provisions for tenant protections, such as emergency rental assistance, the right to counsel in eviction proceedings, and alternative security deposit options, and aims to prevent homelessness through combined housing and wraparound services. Finally, it invests in construction workforce development, promotes fair housing by investigating discriminatory practices, and supports infrastructure development in underserved communities, while also requiring comprehensive plans to include equitable distribution of affordable housing.