NC H1028

Creates a revolving loan fund within the North Carolina Housing Finance Agency to provide short-term financing for preconstruction costs of workforce housing projects, including land surveys, environmental due diligence, utility connections, permits, and site clearing.

Defines workforce housing as housing affordable to households earning 60% to 120% of county or state area median income (whichever is higher), with individual loans capped at $1,000,000.

Reserves 80% of loans for projects in development tier one and tier two counties and 20% for development tier three counties, with project equity requirements set between 20% and 35% based on local market conditions.

Appropriates $40,000,000 in nonrecurring General Fund dollars to the North Carolina Housing Trust Fund for the 2024-2025 fiscal year to capitalize the revolving loan program.

Requires the Housing Finance Agency to report annually by February 15 to the Joint Legislative Oversight Committee on General Government detailing the number of loans made, loan amounts, and recipients.