Senate Bill 827 - 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, including active duty members, veterans, law enforcement officers, teachers, firefighters, and emergency medical services personnel.

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

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

• Establishes an income tax credit for unpaid volunteer firefighters and emergency medical services squad members who attended at least 36 hours of training and meetings during the taxable year, allowing them to claim unreimbursed rescue work expenses up to $5,000 or the amount of tax imposed, whichever is less, effective January 1, 2024.