AN ACT appropriating funds to the north carolina housing trust fund to increase funding for affordable housing programs in the state.

Whereas, the average cost of rent in NC increased by twenty percent (20%) across the State and is higher than the nationwide sixteen percent (16%) average increase in rent; and

Whereas, there is no state or county where a renter working full‑time at minimum wage can afford a two‑bedroom apartment; and

Whereas, North Carolina is the fourth highest state for population growth, income inequality is on the rise, and there is a growing demand for affordable housing; and

Whereas, increasing funding for affordable housing creates jobs, attracts employers and employees, increases consumer spending and stimulates the economy, and increases government revenues through taxes and fees during and after construction; Now, therefore,

The General Assembly of North Carolina enacts:

SECTION 1.  There is appropriated from the General Fund to the North Carolina Housing Trust Fund the sum of ten million five hundred thousand dollars ($10,500,000) in recurring funds for the 2022‑2023 fiscal year to increase funding for affordable housing programs in the State.

SECTION 2.  This act becomes effective July 1, 2022.