Senate Bill 422: Homes for Heroes

• Establishes a homebuyers' assistance program through the North Carolina Housing Finance Agency for first-time homebuyers who work full-time as public servants (active duty military, veterans, law enforcement officers, teachers, firefighters, and emergency medical services personnel).

• Provides assistance limited to the lesser of $25,000 or 10% of the purchase price for down payment assistance, mortgage insurance premium assistance, and closing costs.

• Allows the Agency to provide mortgage insurance payment assistance on a monthly basis for up to 60 months per homebuyer.

• Appropriates $200,000,000 in recurring General Fund monies for the 2023-2024 fiscal year to the Homeownership Assistance Fund.

• Becomes effective July 1, 2023.