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House Amendment 1
S 1017 - Session 125 (2023-2024)
Property
The Committee on Ways and Means proposes the following amendment (LC-1017.DG0005H):
Amend the bill, as and if amended, SECTION 1.A., by striking Section 12-37-220(B)(11)(e)(ii)(B) and inserting:
(B) notwithstanding the unit mix prescribed by the safe harbor provisions of Revenue Procedure 96-32, all of the units in the property are devoted to providing housing to residents who qualify as low income under Revenue Procedure 96-32, then the exemption allowed by this subitem equals one hundred percent, unless, as determined by the Department of Housing and Urban Development, the property is located within a zip code in a metropolitan area which uses the Small Area Fair Market Rents, and such metropolitan area includes any municipality located in the State of North Carolina with a population of five hundred thousand or more residents in which case the phrase "residents who qualify as low income" shall be replaced with "residents who do not exceed 130% of the very-low income limit";