24 NCAC 01M .0202. ELIGIBILITY

(a)  Eligible projects under Trust Fund programs shall include those identified in G.S. 122E-6(c) and (d).

(b)  Specific activities eligible for financing through Trust Fund programs will be identified in the rules for each program.

(c)  Eligible applicants for Trust Fund programs will be identified in the rules for each program.  Eligible recipients of Trust Fund funding must directly operate the program funded.

(d)  Housing units assisted under Trust Fund programs must be occupied by very low‑, low‑ or moderate‑income households, as defined G.S. 122E-6(a).  Specific targeting of funds required under each program will be identified in the rules for each program and the program application and funding documents.

(e)  All rental housing units assisted under the Trust Fund must remain affordable to the target population, as required by G.S. 122E-6(b).  Applicants for funding will be required to demonstrate how affordability will be maintained.  The agency will use loan documents to help ensure that affordability is maintained.

(f)  Eligible forms of assistance under Trust Fund programs will be identified in the rules for each program.  Loans will be repaid to the Trust Fund.

 

History Note:        Filed as a Temporary Rule Eff. May 13, 1988 For a Period of 180 Days to Expire on November 9, 1988;

Authority G.S. 122A-5; 122A-5.1; 122E‑4; 122E‑5; 122E‑8; 150B-14(c);

Eff. December 1, 1988;

Amended Eff. February 1, 1993; May 1, 1989.