H259 - 2023 Appropriations Act. (SL 2023-134)

Overview: Section 29.2 of S.L. 2023-134 increases the amount a taxpayer can receive as a loan under the Workforce Housing Loan Program. The Workforce Housing Loan Program finances loans to construct or substantially rehabilitate affordable rental housing in combination with federal low-income housing tax credits. Loans are capped based on the income designation of the county in which the low-income housing development is located, as designated by the North Carolina Housing Finance Agency. Loans to eligible taxpayers are subject to the following limits:

• Low-income county: $3 million (increased from $2 million)
• Moderate-income county: $2 million (increased from $1.5 million)
• High-income county: $500,000 (increased from $250,000)

This section became effective July 1, 2023.