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 2007‑2008 fiscal year for a teacher housing pilot project.  The pilot program shall be located in three 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 shall receive equity in a home for each year the teacher remains in the program for up to five years.
SECTION 2.  This act becomes effective July 1, 2007.