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NC S881
Bill
AI Summary
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Appropriates $30 million in one-time nonrecurring funds to the North Carolina Housing Trust Fund for the 2024-2025 fiscal year.
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Redirects 1.5% of register of deeds fees (from the current $6.20 fee per transaction) to the Housing Trust Fund, reducing General Fund allocation from 20% to 18.5%.
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Directs 33% of state excise tax proceeds on real property conveyances to the Housing Trust Fund, with remaining proceeds going to the General Fund.
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Establishes recurring revenue sources to sustain the Housing Trust Fund for addressing affordable housing shortages in North Carolina.
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Effective July 4, 2024.
Legislative Description
Restore the American Dream
Appropriations; Budgeting; Funds & Accounts; Housing; Housing Finance Agency; Property; Public; Real Estate; Taxation; Taxes
Last Action
Ref To Com On Rules and Operations of the Senate
5/6/2024