Senate Bill 423: Housing Finance Agency/PED Study

• North Carolina Housing Finance Agency shall examine and implement modifications to Community Partners Loan Pool, Self-Help Loan Pool, Urgent Repair Program, and Essential Single-Family Rehabilitation Loan Pool to ensure statewide access, with report due by July 1, 2022, and shall discontinue the $200,000 per-partner cap for the Urgent Repair Program.

• Agency must develop a strategic plan updated at least every five years including goals, objectives, and environmental scan, with initial plan completed by June 1, 2022 with assistance from independent consultant; Agency must establish performance management system with annual objectives and performance measures by January 1, 2026.

• Multiple existing housing funds shall be consolidated and transferred to the North Carolina Housing Trust Fund: Housing Mortgage Insurance Fund, Homeownership Assistance Fund, Adult Care Home Fire Protection Fund, Home Protection Program Fund, and Multi-Family Residential Assistance Fund.

• North Carolina Housing Partnership is reconstituted as an advisory board to the Agency with 13 members including three ex officio positions (Health and Human Services Secretary, Commerce Secretary, State Treasurer) and ten appointed members representing homebuilding, real estate lending, nonprofits, and low-income housing interests.

• Agency shall conduct studies on Low-Income Housing Tax Credit program affordability, amenities policies in the Qualified Allocation Plan, and Rental Production Program loan procedures, with results due within one year; Agency shall also update Workforce Housing Loan Program income designation criteria within six months.