NC S456

Appropriates $2,500,000 to the Department of Commerce for fiscal year 2019-2020 and $2,500,000 for fiscal year 2020-2021 in nonrecurring funds for matching grants to nonprofits for affordable housing planning and construction.

Requires nonprofit grant recipients to provide $1.00 in non-State matching funds for every $1.00 of grant funds received, with monthly disbursement permitted upon documentation of matching funds obtained.

Any unmatched funds shall revert to the General Fund on June 30, 2021.

Department of Commerce must submit reports by May 1, 2020, and May 1, 2021, to the Joint Legislative Oversight Committee on Agriculture and Natural and Economic Resources detailing number of grants issued, recipients, geographic allocation, and affordable housing units developed.

Act becomes effective July 1, 2019.