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Primary Sponsor

Last Action

Ref To Com On Rules and Operations of the Senate2025-03-25

Vote Breakdown

No floor votes recorded.

Plain Language Summary

This bill provides $30 million in one-time funding to the North Carolina Housing Trust Fund and establishes two new ongoing revenue sources for the fund: 1.5% of register of deeds fees and 33% of real property transfer excise tax proceeds. These funds would support affordable housing programs including home ownership, rentals, supportive housing, and emergency repairs.

Arguments in Favor

• •Supporters argue that North Carolina has a critical affordable housing shortage with over 815,000 residents lacking access to affordable housing and 930,000 cost-burdened by housing expenses.
• •They contend the Housing Trust Fund is a highly effective investment that generates significant returns—for every $1 million spent, the fund creates $5.17 million in housing real estate value and supports 110 jobs.
• •Proponents note that the fund's budget has declined 68% over the past decade, leaving it unable to address current housing needs.

Arguments Against

• •Opponents may argue that the recurring revenue sources redirect funds that could go to the General Fund or other state priorities, potentially impacting other programs.
• •They might question whether new taxes on property transfers could increase housing costs for buyers, potentially counteracting affordability goals.
• •Some may also contend that the state should address housing affordability through zoning reform or reduced regulations rather than ongoing government spending.