NC H417

Extends the time period for nonprofit organizations to hold real property as a future site for low or moderate-income housing from 5 years to 10 years under G.S. 105-278.6(e)

Property taxes that would otherwise be due on exempt property are carried forward as deferred taxes and become a lien on the property under existing tax code provisions

Deferred tax liens are extinguished if the property is used for low or moderate-income housing within the extended 10-year period

Property loses its tax exemption classification and deferred taxes become due if not used for low or moderate-income housing within 10 years from the first day of the fiscal year it was classified

Effective for taxes imposed for taxable years beginning on or after July 1, 2011