North Carolina Aims Settlement Funds At Crime Lab And Public Schools

Posted by Orb Staff on May 31, 2012 No Comments
Categories : Mortgage Servicing

11674_125px-flag_of_north_carolina.svg North Carolina Aims Settlement Funds At Crime Lab And Public Schools The North Carolina legislature is seeking to divert its direct payment funds from the National Mortgage Settlement away from its intended target of distressed homeowner assistance and into non-housing endeavors.

The Winston-Salem Journal reports that the proposed budget put forth by the state's House of Representatives would spend $3 million of the settlement funds on a police crime lab building, $6 million in public education funding and $10 million into the general budget fund.

North Carolina is the latest state to divert the direct payments portion of the settlement away from housing. Previously, California Gov. Jerry Brown proposed using his state's direct payments for deficit reduction, while Georgia is using its funds to encourage economic development. According to a report issued by Enterprise Community Partners, a Washington, D.C.-based affordable housing organization, only 26 states are ‘substantially’ using their settlement funds for housing.

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