Rep. Reives files bill in North Carolina House to fund workforce housing loans

A new bill filed by State Rep. Robert T. Reives, II in the North Carolina House seeks to establish a loan fund to support short-term financing for workforce housing projects, according to the North Carolina State House.

The bill, filed as HB 603 on March 31 during the 2025 regular session, was formally listed with the short title: ‘Workforce Housing Loans-Preconstruction Costs.’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, the bill establishes a revolving loan fund within the North Carolina Housing Finance Agency to provide short-term financing for preconstruction costs of workforce housing projects, effective July 1, 2025. It targets housing affordable to households earning 60% to 120% of the county or state median income. The loan program includes project equity requirements based on local market conditions and stipulates that no loan will exceed $1 million. Additionally, 80% of the loans are designated for projects in development tier one and two counties, while 20% are reserved for tier three counties. The bill mandates annual reporting on loan distribution and appropriates $40 million from the Economic Development Project Reserve to the Housing Trust Fund for this purpose.

Of the four sponsors of this bill, Reives proposed the most bills (23) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Reives graduated from the University of North Carolina at Chapel Hill in 1992 with a BA and again in 1995 from University of North Carolina at Chapel Hill with a JD.

Reives, a Democrat, was elected to the North Carolina State House in 2014 to represent the state’s 54th House district, replacing previous state representative Deb McManus.