A BILL TO BE ENTITLED
AN ACT to appropriate funds for a teacher housing pilot program.
The General Assembly of North Carolina enacts:
SECTION 1.(a)  There is appropriated from the General Fund to the Rural Economic Development Center the sum of one million five hundred thousand dollars ($1,500,000) for the 2008‑2009 fiscal year for a teacher housing pilot project. The pilot program shall be located in four local school administrative units.
SECTION 1.(b)  The purpose of the pilot program is to provide an innovative housing program that allows for affordable housing so that teachers will be financially able to locate in rural areas.  
SECTION 1.(c)  Under the program, a teacher participating in the pilot program shall receive equity in a home if the teacher remains in the program for five years.
SECTION 1.(d)  The Rural Economic Development Center shall consult with the Department of Public Instruction, the North Carolina Housing Finance Agency, and representatives of local school administrative units in designing  details of the pilot program. 
SECTION 2.(a)  Of the funds appropriated under this act, the Rural Economic Development Center may use up to twenty percent (20%) for the costs of developing, administering, and evaluating the program. Of these funds, the Center may use an amount equal to no more than five percent (5%) of the funds appropriated under this act for its administrative costs.
SECTION 2.(b)  The Rural Economic Development Center may contract with State agencies, nonprofit organizations, community development corporations, or individuals with specific expertise in residential real estate, homeownership, homebuyer counseling, housing  finance, teacher recruitment and retention to carry out parts of the pilot program.
SECTION 2.(c)  The Rural Economic Development Center may contract with The University of North Carolina or its constituent institutions to evaluate the impact of the pilot program on teacher recruitment and retention.
SECTION 3.  This act becomes effective July 1, 2008.