NC S1297

Direct the Department of Commerce to work with local governments and regional councils of government to establish Regional Economic Recovery Housing Alliances in three geographic regions: mountains, central, and coastal.

Require regional councils of government to convene housing recovery alliances bringing together stakeholders including local governments, homebuilders, real estate professionals, banks, mortgage lenders, economic developers, nonprofit organizations, housing counseling agencies, chambers of commerce, and major employers.

Authorize councils of government to make pilot grants to eligible local governments in each of the three regions based on proposed work plans to carry out housing stimulus activities.

Allow Regional Economic Recovery Housing Alliances to pursue purposes including: putting construction workers back to work, preventing foreclosures, preparing families for homeownership, assembling financing for affordable housing and economic development projects, and promoting regional growth projects.

Require alliances to build on existing federal programs (EDA, HOME, CDBG, Weatherization) and state programs (North Carolina Housing Finance Agency, Department of Environment and Natural Resources, Rural Economic Development Center) to leverage public investments.