NC S632

Creates a homebuyers' assistance program through the NC Housing Finance Agency for first-time homebuyers who are public servants, including active duty military, veterans, law enforcement officers, teachers, firefighters, and emergency medical services personnel

Provides up to $25,000 or 10% of purchase price (whichever is less) for down payment assistance, mortgage insurance premiums, and closing costs, with mortgage insurance assistance available for up to 60 months

Appropriates $200 million in recurring General Fund money for fiscal year 2025-2026 to the Homeownership Assistance Fund, effective July 1, 2025

Establishes a state income tax credit for volunteer firefighters and rescue squad workers to cover unreimbursed business expenses related to their volunteer work, capped at $5,000 per year

Requires volunteers to have attended at least 36 hours of department drills, training, or meetings during the taxable year to qualify for the tax credit, effective for tax years beginning January 1, 2025