A BILL TO BE ENTITLED
AN ACT to appropriate funds to the Department of commerce to be used on a matching basis with private donors for the planning and construction of affordable housing in the state.
Whereas, there are 1.2 million North Carolinians living in rural and urban communities that cannot afford adequate housing; and
Whereas, more than 500,000 households in North Carolina spend one‑half or more of their income on housing costs alone; and
Whereas, safe, decent, and affordable housing allows families to build intergenerational wealth, contributes to family stability, and creates a nurturing community; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Department of Commerce the sum of two million five hundred thousand dollars ($2,500,000) in nonrecurring funds for the 2019‑2020 fiscal year and the sum of two million five hundred thousand dollars ($2,500,000) in nonrecurring funds for the 2020‑2021 fiscal year to be used to provide matching grants to nonprofits to fund the planning and construction of affordable housing projects in this State. The Department of Commerce shall require each nonprofit receiving a grant to provide one dollar ($1.00) in non‑State funds for every one dollar ($1.00) of grant funds received and shall develop guidelines and procedures for the administration and distribution of the grants to nonprofits. Upon submission of documentation satisfactory to the Department that the nonprofit grantee has obtained sufficient matching funds in accordance with this section, the Department shall disburse grant funds to the nonprofit grantee in an amount equal to the amount of non‑State matching funds obtained. Documentation of sufficient matching funds and disbursement of grant proceeds may be permitted on a monthly basis until the total amount awarded to the nonprofit grantee has been disbursed. Any unmatched funds pursuant to this section shall revert to the General Fund on June 30, 2021.
SECTION 2.  On or before May 1, 2020, and on or before May 1, 2021, the Department of Commerce shall submit a report to the Joint Legislative Oversight Committee on Agriculture and Natural and Economic Resources and the Fiscal Research Division on the affordable housing grant program described in Section 1 of this act. The report shall include information detailing the number of grants issued, the grant recipients, the specific areas of the State where grant funds have been allocated, and the number of affordable housing units developed as a result of the grant program.
SECTION 3.  This act becomes effective July 1, 2019.