AN ACT to appropriate funds to the Lake Norman Community Development Corporation for the Smithville Revitalization Plan and Affordable housing.

The General Assembly of North Carolina enacts:

SECTION 1.  There is appropriated from the General Fund to the Lake Norman Community Development Corporation (Corporation) the sum of four million dollars ($4,000,000) in nonrecurring funds for the 2026‑2027 fiscal year to be allocated as follows:

(1)        Two million dollars ($2,000,000) for the implementation of the Smithville Revitalization Plan, including property acquisition and development of affordable homes.

(2)        Two million dollars ($2,000,000) for the development of affordable housing as deemed appropriate by the Corporation, but not to be used for the Smithville Revitalization Plan.

SECTION 2.  The Corporation may use up to fifteen percent (15%) of the funds appropriated for administrative costs.

SECTION 3.  This act becomes effective July 1, 2026.