Bill Text: NC S475 | 2017-2018 | Regular Session | Amended

North Carolina Senate Bill 475 (Prior Session Legislation)

Bill Title: Low-Income Building Project-HFA

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-04-04 - Re-ref to Appropriations/Base Budget. If fav, re-ref to Rules and Operations of the Senate [S475 Detail]

Download: North_Carolina-2017-S475-Amended.html

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

S 1

SENATE BILL 475

Short Title: Low-Income Building Project-HFA.		(Public)
Sponsors:	Senator Rabon (Primary Sponsor).
Referred to:	Rules and Operations of the Senate

March 30, 2017

A BILL TO BE ENTITLED

AN ACT to provide assistance to the town of fair bluff in creating multifamily housing to assist residents impacted by natural disasters.

Whereas, the Town of Fair Bluff was incorporated in 1873; and

Whereas, the Town of Fair Bluff was devastated by Hurricane Matthew; and

Whereas, the devastation to the Town was given national attention and was featured in The New York Times; and

Whereas, the residents of the Town of Fair Bluff are a proud and resilient people who are determined to rebuild the Town; Now, therefore,

The General Assembly of North Carolina enacts:

SECTION 1.(a) There is appropriated from the General Fund to the Housing Finance Agency the sum of five million dollars ($5,000,000) for the 2017‑2018 fiscal year for the purpose of establishing a low‑income multifamily housing program in the Town of Fair Bluff.

SECTION 1.(b) The Housing Finance Agency shall coordinate with the Town of Fair Bluff to create a 32‑ to 40‑unit multifamily housing complex within the Fair Bluff Town limits. The Housing Finance Agency shall allocate the funds appropriated in this section to an ownership entity selected by the Town. The Housing Finance Agency shall advise the ownership entity through the bidding process for the selection of a builder. The Housing Finance Agency shall establish guidelines for the ownership entity to follow regarding qualification for residents that will achieve the goals established by the ownership entity, including that a priority shall be given to residents affected by the flooding and damage caused by Hurricane Matthew.

The Housing Finance Agency shall assist the ownership entity in the selection of a management company and approve the management agreement. Additionally, the Housing Finance Agency shall approve any changes in management of the housing complex for a period of 15 years beginning after the initial date of occupancy.

SECTION 1.(c) The Town shall select an ownership entity that will be responsible for building the housing complex in consultation with the Housing Finance Agency. The ownership entity shall determine the number of units for the housing complex as described in subsection (b) of this section. The ownership entity shall select a contractor for the project through a process approved by the Housing Finance Agency. All funds allocated to the multifamily housing complex shall be used solely for the development, affordability, management, and maintenance of the housing complex. All funds generated through fees and rents shall remain with the low‑income multifamily housing program established in this section. The ownership entity shall provide the Town and the Housing Finance Agency biannual reports on the status of the multifamily housing program.

SECTION 1.(d) On or before April 1 of each year, the Housing Finance Agency shall report to the Joint Legislative Oversight Committee on General Government and the Fiscal Research Division on the multifamily housing program. The report shall include at least all of the following information:

(1) The average number of tenants occupying the facility.

(2) The amount of rent collected.

(3) A summary of repairs and general maintenance conducted on units in the complex.

(4) Any suggestions to improve the program.

SECTION 2. This act becomes effective July 1, 2017.