NC S629

Appropriates $30,000,000 in nonrecurring funds from the General Fund to the North Carolina Housing Trust Fund for the 2019-2020 fiscal year to address the affordable housing shortage.

Redirects 1.5% of deed recording fees collected by registers of deeds (from the current 20% allocated to General Fund) to the Housing Trust Fund, reducing General Fund allocation to 18.5%.

Requires the Office of State Controller to transfer 10% of the General Fund unreserved fund balance to the Housing Trust Fund annually at the end of each fiscal year.

Allocates 33% of real property excise tax proceeds collected by the Department of Revenue to the Housing Trust Fund, with the remaining proceeds going to the General Fund.

Becomes effective July 1, 2019.