NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 805

HOUSE BILL 1525

 

 

AN ACT TO AMEND CHAPTER 157 ENTITLED "HOUSING AUTHORITIES AND PROJECTS".

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 157-9 is amended by adding a fifth unenumerated power in line 14 following the power "to prepare, carry out, and operate housing projects;" as follows:

"to approve, assist, and cooperate with, as its instrumentality, a nonprofit corporation in providing financing by the issuance by such nonprofit corporation's obligations (which obligations shall not be or be deemed to be indebtedness of a housing authority) for one or more housing projects, pursuant to the United States Housing Act of 1937, as amended, and applicable regulations thereunder, specifically including, but not limited to, programs to make construction and other loans to developers or owners of residential housing, and to acquire, operate or manage such a housing project, and to administer federal housing assistance subsidy payments for such projects;".

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 6th day of June, 1979.