by Stephanie Watkins-Cruz and Anna Patterson
The NC Senate Released their budget at 4pm on Monday, May 15. The budget is set to be voted on this week on Wednesday and Thursday (May 17 and May 18 respectively) and is likely to go to conference due to the large differences between the budget proposals released. State Senators ran through and heard over 25 amendments while in session on Wednesday (May 17) afternoon where their budget passed the second reading. Final votes are set to take place today Thursday, May 18,2023.
In addition to the various numerical variations between the two proposals, the Senate budget also differs significantly in two key ways when it comes to affordable housing resources:
- Although the NC Senate budget also lifts project caps for the Workforce Housing Loan Program, it does not include any funding, effectively zeroing out this critical housing development tool.
- No increases in funding for the Housing Trust Fund.
Table 1 – Side by Side Comparison of NC Senate vs. NC House Budget
Stay tuned for a more detailed analysis and breakdown of the budgets. We anticipate because of the vast differences between the proposals on a number of areas – not only housing – that budget negotiations will continue in a process known as conferencing where the differences between are discussed and some form of consensus is reached in order to pass the next biennium FY23-25 budget.
Check out our other posts and housing call recordings about the FY23-25 NC Budget
- NC House Releases Budget Proposal FY 23-25
- Check out the recording and call notes from our April 4, 2023 Housing Call where we talk about the NC House releasing their budget.
- NCGA Alert: Governor Roy Cooper Releases Budget Proposal for FY 23-25
- Check out our recording and call notes from our March 21, 2023 Housing Call where we talk about the Governor’s proposed FY 23-25 budget.
- FY22-23 Budget Proposal Addresses LIHTC Gaps
- Check out the recording and call notes from our July 12, 2022 Housing Call where we talk about the FY 22-23 Budget.
Stay tuned for more information about the FY 23-25 NC Budget as well as developing advocacy and engagement opportunities!