Modifies GS 14-433.9, governing allocation formulas by the NC Federal Tax Reform Allocation Committee (Committee), as follows. Directs that the Committee and any designee agency in administering the low-income housing credit program’s Qualified Allocation Plan (the Plan) can only adopt and administer the Plan if it incentivizes the development and availability of affordable housing in rural communities and counties with higher poverty levels. Sets forth the following four criteria for the Committee or its designee to use when determining how to allocate tax credits under the Plan:

The distance between a proposed site and surrounding amenities, including grocery stores, shopping centers, and pharmacies, will be calculated using a radius and not by using actual road driving distance.
When a proposed site is located in a municipality with a population of less than 10,000 people, favorable consideration will be awarded to proposed sites that are located 10 miles or less from the amenities identified in the Plan.
When identifying amenities, the Plan must define grocery amenities as stores that have grocery sections.
When two proposed sites are "tied" under the scoring criteria of the Plan, the proposed site located in the area with the highest poverty level will be awarded the tax credits under the Plan.

Effective October 1, 2025, and applies to Plans adopted by the Committee, or any agency designated by the Committee, after that date.

Statutes affected:
Filed: 143-433.9