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HB 1042

North Carolina House bill in Session 2025.

Status: introduced. Latest action: April 23, 2026.

Affordable Housing Exemption Mods.

Bill ID NC-2025-HB-1042
Session 2025
Status introduced
House introduced 2026-04-23
Business / Commerce Housing Infrastructure / Utilities Tax / Budget / Appropriations
Summary

Enacts new GS 105-278.7A exempting real and personal property from property tax if it is owned by an eligible owner and used for a charitable purpose in the operation of affordable rental housing, if the statute’s requirements are met. Eligible owners are an eligible join venture or an eligible nonprofit corporation. Charitable purpose is defined as one that has human and philanthropic objectives; it is an activity that benefits humanity or a significant rather than limited segment of the community without expectation of pecuniary profit or reward. Defines affordable rental housing as a rental development consisting of land and improvements in which more than 50% of the units are qualifying units (where rent charged or the published rent is at or below the rent limit, and it is occupied by, or set aside for, a tenant whose income is at or below the income limit). Defines the income limit as rent, plus a utility allowance calculated in accordance with the requirements of the North Carolina Housing Finance Agency, that does not exceed 30% of the income limit.

Sponsor
Mike Schietzelt
Official Source Back to Bills
Actions Timeline
Date Event Detail
2026-04-23 Introduced Bill introduced
2026-04-23 Status introduced
2026-04-23 Latest Action Filed
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Minnesota • 2026 Regular • unknown