N.C. Gen. Stat. § 122A-1
Short title
Short title. This Chapter shall be known and may be cited as the "North Carolina Housing Finance Agency Act." (1969, c. 1235, s. 1; 1973, c. 1296, s. 1.)
North Carolina General Statutes Chapter 122A — Chapter 122A.
North Carolina · statute · N.C. Gen. Stat. ch. 122A · 36 active provisions
N.C. Gen. Stat. § 122A-2
Legislative findings and purposes
Legislative findings and purposes. The General Assembly hereby finds and declares that as a result of the spread of slum conditions and blight to formerly sound urban and rural neighborhoods and as a result of actions involving highways, public facilities and urban renewal activities there exists in the State of North…
N.C. Gen. Stat. § 122A-3
Definitions
Definitions. The following definitions apply in this Chapter: (1) Agency. - The North Carolina Housing Finance Agency created by this Chapter. (2) Bonds or notes. - The bonds or the bond anticipation notes or construction loan notes authorized to be issued by the Agency under this Chapter. (3) Counseling agency. - A no…
N.C. Gen. Stat. § 122A-4
North Carolina Housing Finance Agency
North Carolina Housing Finance Agency. (a) There is hereby created a body politic and corporate to be known as "North Carolina Housing Finance Agency" which shall be constituted a public agency and an instrumentality of the State for the performance of essential public functions. (b) The Agency shall be governed by a b…
N.C. Gen. Stat. § 122A-5
General powers
General powers. The Agency shall have all of the powers necessary or convenient to carry out the provisions of this Chapter, including the power: (1) To participate in any federally assisted lease program for housing for persons of lower income under any federal legislation, including, without limitation, section 8 of…
N.C. Gen. Stat. § 122A-5.1
Rules and regulations governing Agency activity
Rules and regulations governing Agency activity. (a) The Agency shall from time to time adopt, modify or repeal rules and regulations governing the purchase of federally insured securities by the Agency and the purchase and sale of mortgage loans and the application of the proceeds thereof, including rules and regulati…
N.C. Gen. Stat. § 122A-5.2
Mortgage insurance authority
Mortgage insurance authority. (a) The Agency may upon application of a proposed mortgagee insure and make advance commitments to insure payments required by a loan for residential housing for persons of lower income upon such terms and conditions as the Agency may prescribe. Mortgage loans insured by the Agency under t…
N.C. Gen. Stat. § 122A-5.3
Energy conservation loan authority
Energy conservation loan authority. (a) The Agency may guarantee the payment or collection of energy conservation loans pursuant to and in accordance with the provisions of this Chapter when the Agency has given its approval prior to the initial making of the loan; provided that any such guarantee shall be made only up…
N.C. Gen. Stat. § 122A-5.4
Housing for persons and families of moderate income
Housing for persons and families of moderate income. (a) The General Assembly hereby finds and determines that there is a serious shortage of decent, safe and sanitary housing which persons and families of moderate income in the State can afford; that it is in the best interests of the State to encourage home ownership…
N.C. Gen. Stat. § 122A-5.5
Rehabilitation Loan Authority
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 pa…
N.C. Gen. Stat. § 122A-5.6
Terms and conditions of loans to and by mortgage lenders
Terms and conditions of loans to and by mortgage lenders. (a) The Agency shall from time to time adopt, modify, amend or repeal rules and regulations governing the making of loans to mortgage lenders and the application of the proceeds thereof. These rules and regulations shall be designed to effectuate the general pur…
N.C. Gen. Stat. § 122A-5.7
Homeownership Assistance Fund authorized; authority
Homeownership Assistance Fund authorized; authority. The North Carolina Housing Finance Agency is authorized to establish a Homeownership Assistance Fund (hereinafter referred to as "the Fund") to assist families of low and moderate income in the purchase of affordable residential housing. To achieve this purpose, the…
N.C. Gen. Stat. § 122A-5.8
Distressed multi-family residential rental housing provisions
Distressed multi-family residential rental housing provisions. (a) The General Assembly hereby finds and determines that a serious shortage of decent, safe and sanitary multi-family residential rental housing which persons and families of low and moderate income in the State can afford continues to exist; that it is in…
N.C. Gen. Stat. § 122A-5.9
Formation of subsidiary corporations to own and operate housing projects
Formation of subsidiary corporations to own and operate housing projects. (a) The Agency may acquire, by purchase or otherwise, construct, acquire, develop, own, repair, maintain, improve, rehabilitate, renovate, furnish, equip, operate, and manage residential rental housing projects to rent to persons and families of…
N.C. Gen. Stat. § 122A-5.13
Adult Care Home, Group Home, and Nursing Home Fire Protection Fund authorized; authority
Adult Care Home, Group Home, and Nursing Home Fire Protection Fund authorized; authority. (a) The North Carolina Housing Finance Agency shall establish an Adult Care Home, Group Home, and Nursing Home Fire Protection Fund (hereinafter "Fire Protection Fund") to assist owners of adult care homes, group homes for develop…
N.C. Gen. Stat. § 122A-5.14
Home Protection Program and Fund
Home Protection Program and Fund. (a) The North Carolina Housing Finance Agency shall establish and administer the Home Protection Program ("Program") to assist North Carolina workers who have lost jobs as a result of changing economic conditions in North Carolina when the workers are in need of assistance to avoid los…
N.C. Gen. Stat. § 122A-5.15
Workforce Housing Loan Program
Workforce Housing Loan Program. (a) The North Carolina Housing Finance Agency shall establish and administer the Workforce Housing Loan Program for the purpose of making revolving loans for qualified low-income housing development in the State. Funds appropriated to the North Carolina Housing Trust Fund for the Workfor…
N.C. Gen. Stat. § 122A-6
Credit of State not pledged
Credit of State not pledged. Obligations issued under the provisions of this Chapter shall not be deemed to constitute a debt, liability or obligation of the State or of any political subdivision thereof or a pledge of the faith and credit of the State or of any such political subdivision, but shall be payable solely f…
N.C. Gen. Stat. § 122A-6.1
Credit of State not pledged to satisfy liabilities under energy conservation loan guarantees
Credit of State not pledged to satisfy liabilities under energy conservation loan guarantees. Energy conservation loan guarantees issued under the provisions of this Chapter shall not be deemed to constitute a debt, liability, obligation of the State or of any political subdivision thereof, or a pledge of the faith and…
N.C. Gen. Stat. § 122A-8
Bonds and notes
Bonds and notes. The Agency is hereby authorized to provide for the issuance, at one time or from time to time, of bonds and notes of the Agency to carry out and effectuate its corporate purposes. The Agency also is hereby authorized to provide for the issuance, at one time or from time to time of (i) bond anticipation…
N.C. Gen. Stat. § 122A-9
Trust agreement or resolution
Trust agreement or resolution. In the discretion of the Agency any obligations issued under the provisions of this Chapter may be secured by a trust agreement by and between the Agency and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the State. Such…
N.C. Gen. Stat. § 122A-10
Validity of any pledge
Validity of any pledge. The pledge of any assets or revenues of the Agency to the payment of the principal of or the interest on any obligations of the Agency shall be valid and binding from the time when the pledge is made and any such assets or revenues shall immediately be subject to the lien of such pledge without…
N.C. Gen. Stat. § 122A-11
Trust funds
Trust funds. Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this Chapter shall be deemed to be trust funds to be held and applied solely as provided in this Chapter. The resolution authorizing any obligations or the trust agreement securing the same may pro…
N.C. Gen. Stat. § 122A-12
Remedies
Remedies. Any holder of obligations issued under the provisions of this Chapter or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such obligations, except to the extent the rights herein given may be restricted by such trust agreement or resolution,…
N.C. Gen. Stat. § 122A-13
Negotiable instruments
Negotiable instruments. Notwithstanding any of the foregoing provisions of this Chapter or any recitals in any obligations issued under the provisions of this Chapter, all such obligations and interest coupons appertaining thereto shall be and are hereby made negotiable instruments under the laws of this State, subject…
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