Work on the state budget continues and reportedly we are finally close to seeing the Senate’s budget proposal. Despite weeks of speculation that a budget was close at-hand, that appears to be coming to a fruition. A couple weeks ago, the House and Senate reportedly came to an agreement on the total spending amount of the budget. The latest is that the Senate has finalized the majority of the details and is smoothing out minor tweaks. The language is supposedly in the hands of bill drafting staff.
We do not know the details as yet. There is some optimism that the Workforce Housing Loan Program will be able to be funded, primarily because of federal funds coming from the American Rescue Plan Act. We will need to wait for the Senate’s public release to learn what the exact funding levels will be for WHLP and other housing programs.
Aside from budget figures and spending amounts, the budget proposal may also contain other provisions that affect other spending-related processes or administrative activities. The Fiscal Research Division has been examining the processes of a wide range of state agencies and programs, including some housing related programs. The Coalition is tracking any potential movements that may impact housing-related programs. Once details about the budget and any other impacts to housing are available, the Coalition will alert and share information widely. Please stay tuned to our emails and social media channels.
With the current timing it does appear unlikely that the General Assembly will be able to pass and send to Governor Cooper a budget before the start of the new fiscal year in July. In addition, the GA will take a one week recess for the July 4th holiday adding to further delay for a budget to be enacted. With where the process is currently, it could be late July or August when we see a final budget.