Senate Bill 446 would expand funding for North Carolina’s Housing Trust Fund by providing a one-time $30 million appropriation from the General Fund for fiscal year 2025-2026 and by increasing recurring revenue streams dedicated to the Fund. The bill is framed as a response to the state’s affordable housing shortage and the need for a more stable, sustainable source of support for workforce housing, homeownership, rentals, supportive housing, rehabilitation, and emergency repairs.
In addition to the direct appropriation, the bill amends two existing revenue provisions to redirect more money to the Housing Trust Fund. It changes the distribution of certain register of deeds fees so that the Fund receives 1.5% of those receipts, and it increases the Housing Trust Fund’s share of the state’s real property conveyance excise tax from 33% of the Department of Revenue’s remittance under current law to a larger dedicated share under the bill’s revised distribution structure. The act would take effect July 1, 2025.
Impact
The bill would increase state support for the North Carolina Housing Trust Fund and alter the statutory allocation of two revenue sources: register of deeds fees under G.S. 161-11.5 and real property conveyance excise tax proceeds under G.S. 105-228.30. As a result, less of those revenues would flow to the General Fund and other existing recipients, while more would be dedicated to affordable housing purposes administered through the Housing Trust Fund. The bill would also create a new nonrecurring General Fund appropriation of $30 million for the 2025-2026 fiscal year, directly expanding available funding for housing programs.
Sentiment
The bill’s tone is strongly supportive of affordable housing investment, with the text emphasizing housing affordability as an economic and public policy priority and citing the Housing Trust Fund’s leverage of private dollars, job creation, and local revenue generation. The available context includes no recorded committee debate or votes, so there is no evidence of formal opposition or amendment activity in the provided materials. Overall, the bill appears to be presented as a pro-housing, pro-workforce development measure.
Contention
The main policy tension in the bill is fiscal: it redirects revenue away from the General Fund and other statutory recipients to the Housing Trust Fund, which may raise concerns about reduced flexibility for state budgeting or impacts on existing programs funded by those revenue streams. Another possible point of contention is whether a one-time appropriation and increased earmarks are the best way to address a long-term housing shortage, versus broader housing or tax policy changes. No specific objections, sponsors of opposition, or recorded debate are included in the provided context.
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Housing; creating the Oklahoma Workforce Housing Commission; authorizing the Oklahoma Workforce Commission to implement certain reports and plans for expansion of affordable housing. Effective date.
Housing; creating the Oklahoma Workforce Housing Commission; authorizing the Oklahoma Workforce Commission to implement certain reports and plans for expansion of affordable housing. Effective date.