North Carolina H603 establishes a revolving loan fund for preconstruction costs of workforce housing projects.

North Carolina H603 creates a Workforce Housing Preconstruction Revolving Loan Program within the North Carolina Housing Finance Agency. The program will provide short-term financing for preconstruction costs, including land surveys, environmental due diligence, and utility connections. Loans will be capped at $1,000,000, with 80% reserved for projects in development tier one and two counties and 20% for tier three counties. The North Carolina Housing Finance Agency will establish guidelines for project equity requirements between 20% and 35% based on market conditions.

North Carolina H603 establishes a revolving loan fund for preconstruction costs of workforce housing projects.

North Carolina H603 creates a Workforce Housing Preconstruction Revolving Loan Program within the North Carolina Housing Finance Agency. The program will provide short-term financing for preconstruction costs, including land surveys, environmental due diligence, and utility connections. Loans will be capped at $1,000,000, with 80% reserved for projects in development tier one and two counties and 20% for tier three counties. The North Carolina Housing Finance Agency will establish guidelines for project equity requirements between 20% and 35% based on market conditions.