24 NCAC 01M .0302. ELIGIBILITY REQUIREMENTS

(a)  Both rental and home ownership projects are eligible under the program.  In addition, eligible projects are those including:

(1)           New construction;

(2)           Acquisition and rehabilitation; or

(3)           Substantial rehabilitation.

(b)  Program funds may be used for the following costs:

(1)           Construction 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:

(1)           Grants;

(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;

(2)           Construction loans;

(3)           Predevelopment loans; and

(4)           Bridge loans.

(e)  Eligible applicants for program funds include:

(1)           Private nonprofit organizations;

(2)           Private for-profit developers;

(3)           Public agencies;

(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.

 

History Note:        Authority G.S. 122A‑5; 122A‑5.1; 122E‑4; 122E‑5; 122E‑8;

Eff. February 1, 1993.