NC S475

Appropriates $5,000,000 from the General Fund to the Housing Finance Agency for fiscal year 2017-2018 to establish a low-income multifamily housing program in the Town of Fair Bluff.

Directs the Housing Finance Agency to coordinate with the Town of Fair Bluff to create a 32 to 40-unit multifamily housing complex within town limits, with priority given to residents affected by Hurricane Matthew flooding and damage.

Requires the Town to select an ownership entity in consultation with the Housing Finance Agency to oversee construction and management; the Housing Finance Agency must approve the management agreement and any management changes for 15 years after initial occupancy.

Mandates the Housing Finance Agency approve the contractor selection process and requires all funds to be used solely for development, affordability, management, and maintenance of the complex, with all generated revenues remaining in the program.

Requires the Housing Finance Agency to submit annual reports to the Joint Legislative Oversight Committee on General Government by April 1 of each year, including tenant occupancy numbers, rent collected, maintenance summaries, and program improvement suggestions.