Incentivizes affordable housing development in rural North Carolina communities with higher poverty levels.

The bill directs the North Carolina Federal Tax Reform Allocation Committee to adopt a Qualified Allocation Plan that incentivizes affordable housing in rural and impoverished communities. It mandates the committee to consider factors like distance to amenities and population size when allocating tax credits. The plan must be published, commented on, and heard in public hearings before adoption. The bill becomes effective October 1, 2025.

Incentivizes affordable housing development in rural North Carolina communities with higher poverty levels.

The bill directs the North Carolina Federal Tax Reform Allocation Committee to adopt a Qualified Allocation Plan that incentivizes affordable housing in rural and impoverished communities. It mandates the committee to consider factors like distance to amenities and population size when allocating tax credits. The plan must be published, commented on, and heard in public hearings before adoption. The bill becomes effective October 1, 2025.