§ 143-433.9. Allocation. - North Carolina Statutes

§ 143‑433.9. Allocation.

(a)        To provide for theorderly and prompt issuance of bonds the allocation of which is managed underthis Article, the Committee must follow formulas for allocating the following:(i) the unified volume limitation, (ii) the state housing credit ceiling, (iii)the annual aggregate limitation on the face amount of qualified publiceducational facility bonds, (iv) the limitation on issuance of recovery zonefacility bonds, (v) the limitation on issuance of recovery zone economic developmentbonds, and (vi) the limitation on issuance of qualified energy conservationbonds. The unified volume limitation for all issues of private activity bonds,other than qualified public educational facility bonds and recovery zonefacility bonds, in North Carolina shall be considered as a single resource tobe allocated under this Article. The annual aggregate limitation on the faceamount of qualified public educational facility bonds for all issues in NorthCarolina shall be considered as a single resource to be allocated under thisArticle. The Committee shall issue the following: (i) allocations of theunified volume limitation, (ii) allocations of the state housing creditceiling, (iii) allocations and reallocations of the aggregate limitation on theface amount of qualified public educational facility bonds, (iv) allocation andreallocation of the authority for issuance of recovery zone facility bondsallocated to the State, (v) allocation and reallocation of the authority forissuance of recovery zone economic development bonds allocated to the State,(vi) allocation and reallocation of authority for issuance of qualified energyconservation bonds allocated to the State, and (vii) allocation of otherlimitations on authority to issue bonds as may be directed by the Governor. TheCommittee shall set forth procedures for making such allocations and in themaking of such allocations shall take into consideration the best interest ofthe State of North Carolina with regard to the economic development, schoolfacility needs, energy conservation, green initiatives, and general prosperityof the people of North Carolina. In making the initial allocations for recoveryzone facility bonds and recovery zone economic development bonds, the Committeeshall follow the formula provided in section 1400U‑1(a)(3) of ARRTA. Inmaking the initial allocation for qualified energy conservation bonds, theCommittee shall follow the guidelines provided in section 54D of the InternalRevenue Code of 1986. The Committee shall make all elective carryforwards ofthe unused unified volume limitation, the annual aggregate limitation on theface amount of qualified public educational facility bonds, recovery zonefacility bonds, qualified energy conservation bonds, and any other bonds or taxcredits over which it has allocation authority on behalf of the State. TheCommittee shall monitor the issuance of qualified energy conservation bonds toensure that not more than thirty percent (30%) of such bonds are used forpurposes that would be treated as private activity bonds under the InternalRevenue Code of 1986, as amended. The Committee is authorized to establish aprocedure to monitor whether the initial allocations of recovery zone facilitybonds or recovery zone economic development bonds to counties and largemunicipalities pursuant to ARRTA will be utilized, for an allocation that willnot be utilized to be waived by notice to the Committee, and for thereallocation of the waived allocation to other projects that qualify pursuant toARRTA.

(b)        In administeringthe low‑income housing credit program, the Committee shall adopt aQualified Allocation Plan (the Plan) as required by 26 U.S.C. § 42(m) annually.Solely with respect to the adoption of the Plan, the Committee is exempt from therequirements of Article 2A of Chapter 150B of the General Statutes. Prior toadoption or amendment of the Plan, the Committee shall:

(1)        Publish the proposedPlan in the North Carolina Register at least 30 days prior to the adoption ofthe final Plan;

(2)        Notify any personwho has applied for the low‑income housing credit in the previous yearand any other interested parties of its intent to adopt the Plan;

(3)        Accept oral andwritten comments on the proposed Plan; and

(4)        Hold at least onepublic hearing on the proposed Plan.  (1987, c. 588, s. 4; 2001‑299, s. 1.1; 2008‑204,s. 6.3; 2009‑140, s. 4.)