Compare Bills

Primary Sponsor

Last Action

Re-ref Com On Appropriations/Base Budget2025-03-26

Vote Breakdown

No floor votes recorded.

Plain Language Summary

This bill provides $30 million in immediate funding to the North Carolina Housing Trust Fund and creates two ongoing revenue sources for the fund: 1.5% of register of deeds fees and 33% of real property transfer excise tax proceeds. The bill aims to address North Carolina's shortage of affordable housing by ensuring the Housing Trust Fund has sustainable, recurring resources.

Arguments in Favor

• •Supporters argue that affordable housing is critical to North Carolina's economy and workforce stability, noting that businesses won't locate where workers can't afford to live.
• •They point out that the Housing Trust Fund is highly efficient, generating $5.17 million in affordable housing value and 110 jobs for every $1 million spent, and that over 815,000 North Carolinians lack access to affordable housing.
• •The bill's dedicated revenue streams create predictable, long-term funding rather than relying on annual appropriations.

Arguments Against

• •Opponents may argue that the bill redirects revenue that could go to other state priorities like education, transportation, or tax relief.
• •Some may question whether a state housing program is the most efficient solution compared to removing regulatory barriers to housing development, and whether the $30 million one-time allocation and ongoing funding percentages are appropriate given competing budget demands across state services.