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Bill Summary · HB 1137

Summary of HB 1137 (2025 Session) — Appropriation to the Lake Norman Community Development Corporation

Purpose and Intent

  • The bill proposes a one-time appropriation from the North Carolina General Fund to the Lake Norman Community Development Corporation (CDC).
  • The funds are designated to support the Smithville Revitalization Plan and to develop additional affordable housing.

Key Provisions

  1. Funding Authorization

    • Amount: $4,000,000 (nonrecurring) for the 2026-2027 fiscal year.
    • Source: General Fund.

  2. Allocation of Funds

    • $2,000,000 for the Smithville Revitalization Plan, specifically for:
      • Property acquisition related to the plan.
      • Development of affordable homes as part of the revitalization.
    • $2,000,000 for the development of affordable housing not related to the Smithville Revitalization Plan (i.e., separate affordable housing initiatives as determined appropriate by the CDC).

  3. Administrative Expenses

    • The CDC may use up to 15% of the appropriated funds to cover administrative costs.

  4. Effective Date

    • The act becomes effective July 1, 2026.

Who/What Is Affected

  • Lake Norman Community Development Corporation (CDC): Receives and administers the funds.
  • Smithville Revitalization Plan: Targeted project for property acquisition and affordable housing development within the plan.
  • Affordable Housing Initiatives: Additional affordable housing projects identified by the CDC beyond the Smithville plan.
  • General Fund/State Budget: One-time allocation affects the 2026-2027 fiscal year funding commitments.

Timing and Procedural Notes

  • Effective date: July 1, 2026.
  • The appropriation is nonrecurring and intended for use in the 2026-2027 fiscal year.
  • Administrative cost cap aligns with standard practice to limit overhead relative to the total appropriation.

Potential Impact (High-Level)

  • Enables the CDC to advance the Smithville Revitalization Plan through property acquisition and affordable housing development.
  • Supports additional affordable housing projects in the Lake Norman area.
  • Provides a defined, time-limited funding source with a clear split between revitalization-focused activities and broader affordable housing efforts.
  • Creates a modest administrative allowance (up to 15%) to manage the funded programs.

If you’d like, I can add a brief comparison to similar historic or current NC housing/community development appropriations, or draft a one-page briefing for stakeholders.

Compiled from official sources — confirm details with the bill’s official record.

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