North Carolina HB 306: WITHDRAWN RETIREMENT PURCHASE

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 2
HOUSE BILL 306
Committee Substitute Favorable 4/17/25

Short Title: Affordable Housing for Local Employees. (Local)
Sponsors:
Referred to:
March 6, 2025
*H306-v-2*
A BILL TO BE ENTITLED 1
AN ACT AUTHORIZING THE TOWNS OF BLOWING ROCK AND BOONE AND THE 2
COUNTIES OF DARE, DURHAM, AND WATAUGA TO CONSTRUCT AND PROVIDE 3
AFFORDABLE HOUSING FOR TOWN AND COUNTY EMPLOYEES. 4
The General Assembly of North Carolina enacts: 5
SECTION 1. Notwithstanding G.S. 66-58, G.S. 115C-518, Article 12 of Chapter 6
160A of the General Statutes, or any other provision of law, the Towns of Blowing Rock and 7
Boone and the Counties of Dare, Durham, and Watauga (hereinafter "local government unit") 8
are authorized to do all of the following: 9
(1) Either separately or through a partnership, joint venture, land trust, or other 10
similar entity, construct and provide affordable housing for local government 11
unit employees on property owned by the unit. 12
(2) Convey property owned by the local government unit to a partnership, joint 13
venture, land trust, or similar entity for the purpose of constructing, providing, 14
or maintaining affordable housing for unit employees. A unit shall not convey 15
to a partnership, joint venture, land trust, or any other entity any property that 16
was acquired through the exercise of eminent domain on or after the date this 17
act becomes law. 18
(3) Contract with any person, partnership, corporation, or other business entity to 19
finance, construct, or maintain affordable housing for local government unit 20
employees. 21
(4) Rent or sell affordable housing units for residential use exclusively to local 22
government unit employees. A unit may establish reasonable rents or sales 23
prices, charge below-market rates, offer below-market financing, and place 24
reasonable restrictions and buyback provisions on the resale of the affordable 25
housing units. 26
SECTION 2. Any affordable housing units constructed pursuant to the provisions of 27
this act shall comply with all applicable building codes, zoning ordinances, and any other State 28
and local regulations related to the construction of residential homes. 29
SECTION 3. This act is effective when it becomes law. 30