24 N.C. Admin. Code 1M.0302
Current through Register Vol. 39, No. 12, December 1, 2024
Section 01M .0302 - ELIGIBILITY REQUIREMENTS(a) Both rental and home ownership projects are eligible under the program. In addition, eligible projects are those including:(2) Acquisition and rehabilitation; or(3) Substantial rehabilitation.(b) Program funds may be used for the following costs: (2) Preconstruction costs; and(3) Other development costs.(c) Program financing shall include one or more of the following approaches, depending on the Trust Fund funding sources available and the financing needs of each project: (2) Forgivable and repayable deferred payment loans; and(3) Non-interest-bearing and interest-bearing amortizing loans. Forgivable loans will be forgiven on a pro rata basis over terms ranging from five to 10 years if the property assisted with Program funds remains affordable to and occupied by very low-, low- and moderate-income households, as defined in G.S. 122E-6(a).
(d) Program funds may be provided as: (1) Permanent mortgage financing;(3) Predevelopment loans; and(e) Eligible applicants for program funds include:(1) Private nonprofit organizations;(2) Private for-profit developers;(4) Units of local governments; and(5) Lead regional organizations.(f) Households eligible for assistance under the Program include very low-, low- and moderate-income households, as defined in G.S. 122E-6(a).(g) Each applicant for program funds shall submit a nonrefundable application fee. The fee shall not exceed five hundred dollars ($500.00) for private for-profit organizations and two hundred and fifty dollars ($250.00) for all other organizations.24 N.C. Admin. Code 01M .0302
Authority G.S. 122A-5; 122A-5.1; 122E-4; 122E-5; 122E-8;
Eff. February 1, 1993;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.Authority G.S. 122A-5; 122A-5.1; 122E-4; 122E-5; 122E-8;
Eff. February 1, 1993.