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Bill Summary · HB 1118

Summary: HB 1118 — Workforce Housing Loan Renewal Act (North Carolina, 2025 Session)

Purpose and Intent

  • The bill authorizes a recurring appropriation to support the Workforce Housing Loan Program administered by the North Carolina Housing Finance Agency (NCHFA).
  • Primary aim: provide ongoing funding to facilitate the development or preservation of workforce housing through the loan program.

Key Provisions

  • Funding Authorization

    • Section 1: Appropriates $35,000,000 in recurring funds from the General Fund to the Housing Finance Agency.
    • Timing: Funds become available starting with the 2026-2027 fiscal year.
    • Use: Specifically designated for the Workforce Housing Loan Program (the program under NCHFA).

  • Effective Date

    • Section 2: The act becomes effective July 1, 2026.

Who is Affected

  • Primary Beneficiaries
    • North Carolina residents seeking workforce housing opportunities, particularly those targeted by the Workforce Housing Loan Program (e.g., employees in need of affordable or workforce-linked housing).
  • Institutions Involved
    • North Carolina Housing Finance Agency (NCHFA) – administrator and recipient of the appropriated funds to operate the loan program.
  • State Government
    • General Fund disbursement authority is updated to provide ongoing funding for this program beginning in FY 2026-2027.

Procedural and Timeline Details

  • Funding Schedule
    • Recurring appropriation of $35 million annually to the Workforce Housing Loan Program, starting with fiscal year 2026-2027.
  • Legislative Effective Date
    • The act takes effect on July 1, 2026, allowing time for administrative setup and program deployment ahead of the 2026-2027 fiscal year.
  • Status
    • Filed April 29, 2026; sponsored by Representative Chesser and co-sponsors (Jeff McNeely, Eric Ager, Allen Buansi, Shelly Willingham, Mike Schietzelt, Allen Chesser).

Potential Impact

  • Housing Affordability
    • By providing a dedicated, recurring funding stream, the bill could enhance the availability of affordable or workforce-aligned housing through the loan program.
  • Program Capacity
    • A $35 million annual appropriation may expand the number of loans or the loan amounts available, potentially increasing the program’s reach to more workers.
  • Economic and Community Benefits
    • Improved access to workforce housing can support labor mobility, retention of essential workers, and stabilization of housing markets in areas with high workforce demand.

Note

  • The summary reflects the bill text available and does not include potential amendments or related fiscal analyses that may be produced during legislative consideration.

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

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