SB 386 – Expand Workforce Housing

SB 386 – Expand Workforce Housing

Primary Senate Sponsors: Sen. Kirk deViere (D-Cumberland); Sen. Michael Garrett (D-Guilford); Sen. Natalie Murdock (D-Durham)

Summary

This bill:

• Appropriates $30M in nonrecurring funds to the NC Housing Trust Fund to be used in accordance with the purposes in the North Carolina Housing Trust and Oil Overcharge Act.
• Requires 1.5% of certain fees collected by the register of deeds to be remitted to the State Treasurer to be credited to the Housing Trust Fund.
• Requires 33% of the proceeds from a county’s excise tax on instruments conveying real property that are to be remitted to the Department of Revenue to be credited to the NC Housing Trust Fund.

Movement

Filed – 3/29/2021