24 N.C. Admin. Code 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expended, both corpus and interest, or may be withdrawn from the fund by the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.
Notes
Temporary Rule Eff. May 15, 1984, for a Period of 120 Days, to Expire on September 12, 1984;
Eff. August 1, 1984;
Amended Eff, December 1, 1989; June 1, 1987;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.
Authority G.S. 122A-5.7;
Eff. August 1, 1984;
Amended Eff, December 1, 1989; June 1, 1987.
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