GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	1 

SENATE BILL 870

Short Title:  Low Income Housing Exemption.	(Public)
─────────────────────────────────────── 
Sponsors: Senator Staton.
─────────────────────────────────────── 
Referred to:  Finance.
─────────────────────────────────────── 

May 7, 1991

A BILL TO BE ENTITLED
AN ACT TO CLASSIFY AND EXCLUDE FROM THE PROPERTY TAX BASE THAT PORTION OF THE VALUE OF RESIDENTIAL REAL PROPERTY REQUIRED TO BE REPAID TO A NONPROFIT ORGANIZATION THAT PROVIDES HOUSING FOR INDIVIDUALS OR FAMILIES WITH LOW OR MODERATE INCOME.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-275 is amended by adding a new subdivision to read:
"(40)	That portion of the value of real property owned by a North Carolina resident and occupied as the owner's permanent residence equal to the amount that the owner would be required to pay, upon a sale of the property, to a nonprofit corporation that provides housing for individuals or families with low or moderate income, as determined under covenants included in a mortgage or deed of trust in which the owner is the mortgagor or grantor and the nonprofit corporation is the mortgagee or beneficiary."
Sec. 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 1991.