North Carolina SB 736: Expand Income Tax Assistance in NC.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 736

Short Title: Foundation Act: Building NC's Housing Future. (Public)
Sponsors: Senators Garrett, Grafstein, and Bradley (Primary Sponsors).
Referred to: Rules and Operations of the Senate
March 26, 2025
*S736-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO COMPREHENSIVELY ADDRESS HOUSING AFFORDABILITY AND 2
ACCESSIBILITY ISSUES AND NEEDS IN THE STATE. 3
The General Assembly of North Carolina enacts: 4
5
PART I. HOUSING FINANCE AGENCY ENHANCEMENT 6
SECTION 1.1.(a) G.S. 122A-8 reads as rewritten: 7
"§ 122A-8. Bonds and notes. 8
The Agency is hereby authorized to provide for the issuance, at one time or from time to time, 9
of bonds and notes of the Agency to carry out and effectuate its corporate purposes. The Agency 10
also is hereby authorized to provide for the issuance, at one time or from time to time of (i) bond 11
anticipation notes in anticipation of the issuance of such bonds and (ii) construction loan notes 12
to finance the making or purchase of mortgage loans to sponsors of residential housing for the 13
construction, rehabilitation or improvement of residential housing. The total amount of bonds, 14
bond anticipation notes, and construction loan notes outstanding at any one time shall not exceed 15
twelve billion dollars ($12,000,000,000) eighteen billion dollars ($18,000,000,000) excluding 16
therefrom any bond anticipation notes for the payment of which bonds have been issued. The 17
principal of and the interest on such bonds or notes shall be payable solely from the funds herein 18
provided for such payment. Any such notes may be made payable from the proceeds of bonds or 19
renewal notes or, in the event bond or renewal note proceeds are not available, such notes may 20
be paid from any available revenues or assets of the Agency. The bonds or notes of each issue 21
shall be dated and may be made redeemable before maturity at the option of the Agency at such 22
price or prices and under such terms and conditions as may be determined by the Agency. Any 23
such bonds or notes shall bear interest at such rate or rates as may be determined by the Local 24
Government Commission of North Carolina with the approval of the Agency. Notes shall mature 25
at such time or times not exceeding 10 years from their date or dates and bonds shall mature at 26
such time or times not exceeding 43 years from their date or dates, as may be determined by the 27
Agency. The Agency shall determine the form and manner of execution of the bonds or notes, 28
including any interest coupons to be attached thereto, and shall fix the denomination or 29
denominations and the place or places of payment of principal and interest, which may be any 30
bank or trust company within or without the State. In case any officer whose signature or a 31
facsimile of whose signature shall appear on any bonds or notes or coupons attached thereto shall 32
cease to be such officer before the delivery thereof, such signature or such facsimile shall 33
nevertheless be valid and sufficient for all purposes the same as if he had remained in office until 34
such delivery. The Agency may also provide for the authentication of the bonds or notes by a 35
trustee or fiscal agent. The bonds or notes may be issued in coupon or in registered form, or both, 36

General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 736-First Edition
as the Agency may determine, and provision may be made for the registration of any coupon 1
bonds or notes as to principal alone and also as to both principal and interest, and for the 2
reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and 3
interest, and for the interchange of registered and coupon bonds or notes. Upon the filing with 4
the Local Government Commission of North Carolina of a resolution of the Agency requesting 5
that its bonds and notes be sold, such bonds or notes may be sold in such manner, either at public 6
or private sale, and for such price as the Commission shall determine to be for the best interest 7
of the Agency and best effectuate the purposes of this Chapter, as long as the sale is approved by 8
the Agency. 9
The proceeds of any bonds or notes shall be used solely for the purposes for which issued 10
and shall be disbursed in such manner and under such restrictions, if any, as the Agency may 11
provide in the resolution authorizing the issuance of such bonds or notes or in the trust agreement 12
hereinafter mentioned securing the same. 13
Prior to the preparation of definitive bonds, the Agency may, under like restrictions, issue 14
interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds 15
when such bonds shall have been executed and are available for delivery. The Agency may also 16
provide for the replacement of any bonds or notes which shall become mutilated or shall be 17
destroyed or lost. 18
Bonds or notes may be issued under the provis