NORTH CAROLINA GENERAL ASSEMBLY

1981 SESSION

CHAPTER 344

SENATE BILL 336

AN ACT TO AMEND CHAPTER 122A OF THE GENERAL STATUTES TO ENABLE THE NORTH CAROLINA HOUSING FINANCE AGENCY TO PARTICIPATE IN THE MAKING OF MORTGAGE LOANS FOR THE REHABILITATION OF EXISTING HOUSING FOR LOW AND MODERATE INCOME PERSONS.

The General Assembly of North Carolina enacts:

Section 1. G.S. 122A-3, as the same appears in the 1979 Cumulative Supplement to 1974 Replacement Volume 3B of the General Statutes, is amended by adding a new subsection (17) at the end thereof, to read as follows:

"(17)    'Rehabilitation' means the renovation or improvement of residential housing by the owner of said residential housing."

Sec. 2. Chapter 122A of the General Statutes, as the same appears in the 1979 Cumulative Supplement to 1974 Replacement Volume 3B of the General Statutes is amended by adding G.S. 122A-5.5, to follow presently existing subsection G.S. 122A-5.4, to read as follows:

"§ 122A-5.5. Rehabilitation Loan Authority. - (a) In order to effectuate the authority of the Agency to participate in commitments to purchase and to purchase mortgage loans for the rehabilitation of existing residential housing the Agency is hereby empowered to adopt, modify or repeal rules and regulations governing the making or participation in the making of mortgage loans and the purchase or participation in commitments for the purchase of mortgage loans for the rehabilitation of existing residential housing.

(b)        The rules and regulations of the Agency adopted pursuant to this section shall provide at a minimum that:

(1)        Rehabilitation mortgage loans shall be for the purpose of owner-financed improvements to or renovation of residential housing;

(2)        Requirements for eligibility for rehabilitation mortgage loans shall be consistent with all applicable federal laws and regulations governing bonds for rehabilitation mortgage loans in order to insure that such bonds are exempt from taxation."

Sec. 3. This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 8th day of May, 1981.