H1012 - Homes for Heroes

• Creates a homebuyers' assistance program through the North Carolina Housing Finance Agency for first-time homebuyers employed full-time as public servants (military, law enforcement, teachers, firefighters, emergency medical services personnel).

• Provides down payment assistance and mortgage insurance premium offsets limited to the lesser of $25,000 or 10% of purchase price, with mortgage insurance assistance available for up to 60 months.

• Appropriates $200,000,000 in recurring General Fund money to the Homeownership Assistance Fund for the 2024-2025 fiscal year, effective July 1, 2024.

• Establishes an income tax credit for unpaid volunteer firefighters and rescue squad workers equal to ordinary, reasonable unreimbursed business expenses related to their rescue work, capped at $5,000 per taxable year, effective January 1, 2024.

• Requires eligible volunteers to have attended at least 36 hours of fire department drills and meetings or rescue squad training during the taxable year to claim the credit.