24 NCAC 01D .0503. FUND OPERATION AND ADMINISTRATION

(a)  The agency will establish a separate Homeownership Assistance Fund consisting of appropriations, agency revenues or other funds allocated to the fund.

(b)  The agency will not expend any of the state appropriated corpus of the fund but will invest the state appropriated corpus of the fund and will provide mortgage assistance from the proceeds of the invested corpus. Any other amounts allocated to the fund may be fully expended, both corpus and interest, or may be withdrawn from the fund by the agency for other eligible activities.

(c)  The agency will select applicants for participation in the Homeownership Assistance Program.  Eligible participants will receive a mortgage loan from the agency or a participating organization from the proceeds of the fund.  As determined by the agency, this loan may be used to provide additional security for eligible loans, to subsidize down payments and monthly housing payments (including first mortgage principal and interest, mortgage insurance, homeowner's insurance and taxes), and to provide any other type of mortgage assistance to participants that the agency deems necessary.  The amount of this loan will be determined by the agency, in its discretion, considering such factors as the income of the households to be served.

(d)  The agency shall promulgate such forms, contracts, and other documents including but not limited to: deeds of trust, promissory notes, mortgage purchase agreements, and loan agreements as may be necessary to operate the Homeownership Assistance Program financed from proceeds of the fund.

 

History Note:        Filed as a Temporary Rule Eff. May 15, 1984, for a Period of 120 Days, to Expire on September 12, 1984;

Authority G.S. 122A‑5.7;

Eff. August 1, 1984;

Amended Eff, December 1, 1989; June 1, 1987.