General Assembly Should Improve Oversight of Housing Finance Agency Funds and Expenditures (June 2020)

The North Carolina Housing Finance Agency (NCHFA) is a public agency governed by a 13-member board. NCHFA’s independence from certain state government policies and controls over expenditures increases the risk of wasteful or unnecessary expenditures. In addition, several NCHFA statutory funds have limited oversight, which led to an improper use of funds in one instance. The largest fund, the North Carolina Housing Trust Fund is overseen by the North Carolina Housing Partnership, but oversight activity is limited. Further, in violation of its own procurement policy, NCHFA did not have a contract with the private attorney that it pays to serve as general counsel to its board. The General Assembly should clarify that NCHFA is subject to the State Budget Act, direct that statutory funds be transferred to the North Carolina Housing Trust Fund, and improve oversight of the North Carolina Housing Trust Fund.

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