A BILL TO BE ENTITLED
AN ACT authorizing the city of greensboro to CONVEY CITY‑OWNED real property for the purpose of increasing the supply of affordable housing for low‑ and moderate‑income persons.
The General Assembly of North Carolina enacts:
SECTION 1.  The governing body of a municipality may, with or without consideration and upon such terms as it deems wise, convey real property owned by the municipality for the purpose of increasing the supply of affordable housing for low‑ and moderate‑income persons; provided no property acquired by the exercise of eminent domain may be conveyed under this section. The deed conveying the property may contain a restriction which provides that the property shall revert to the municipality if it ceases to be used for increasing the supply of affordable housing for low‑ and moderate‑income persons prior to the expiration of any time period for such use required by the governing body. Any conveyance of property under this section may be made only pursuant to a resolution adopted by the governing body at a regular or special meeting authorizing the appropriate municipal official to make the conveyance for the purpose of increasing the supply of affordable housing for low‑ and moderate‑income persons. The resolution shall be posted on the municipality's Web site at least 10 calendar days prior to the date the conveyance is executed by the appropriate municipal official.
SECTION 2.  This act applies to the City of Greensboro only.
SECTION 3.  This act is effective when it becomes law.