§ 157-9.2. Additional powers. - North Carolina Statutes

§ 157‑9.2. Additional powers.

(a)        The findings and purposes set forth in the first threeparagraphs of G.S. 122A‑2 and in G.S. 122A‑5.4(a) are herebyrestated and incorporated herein by reference, except that for purposes ofincorporating such findings and purposes herein, the phrases "NorthCarolina Housing Finance Agency" and "Agency" shall read"authority" and the word "Chapter" shall read"Section".

(b)        Words and phrases used in this section and not otherwisedefined in this Chapter shall be defined as provided in Chapter 122A of theGeneral Statutes, except that for purposes of incorporating such definitionsinto this section, the phrases "North Carolina Housing FinanceAgency" and "Agency" shall read "authority" and the"Chapter" shall read "Section".

(c)        An authority shall have all of the powers necessary orconvenient to carry out and effectuate the purposes and provisions of thissection, including, without limiting the generality of the foregoing, thepower:

(1)        To make or participate in the making of mortgage loans tosponsors of residential housing; provided, however, that such loans shall bemade only upon the determination by the authority that mortgage loans are nototherwise available wholly or in part from public or private lenders upon equivalentterms and conditions;

(2)        To make or participate in the making of mortgage loans topersons and families of lower income and persons and families of moderateincome for residential housing; provided, however, that such loans shall bemade only upon the determination by the authority that mortgage loans are nototherwise available wholly or in part from public or private lenders uponequivalent terms and conditions;

(3)        To make loans to mortgage lenders on terms and conditionsrequiring the proceeds thereof to be used by such mortgage lenders to originatenew mortgage loans to (i) sponsors of residential housing for persons andfamilies of lower income and persons and families of moderate income and (ii)persons and families of lower income and persons and families of moderateincome for residential housing.  The loans to mortgage lenders and the loans tobe made by such mortgage lenders shall be made on such applicable terms andconditions as are set forth in rules and regulations of the authority or otherwiseestablished by the authority; provided, however, that loans shall be made bysuch mortgage lenders only upon the determination by the authority that suchfinancing is not otherwise available, wholly or in part, from public or privatelenders upon equivalent terms and conditions;

(4)        To collect and pay reasonable fees and charges in connectionwith making, purchasing and servicing of its loans, notes, bonds, commitmentsand other evidences of indebtedness; and

(5)        To borrow money to carry out and effectuate its corporatepurposes and to issue its obligations as evidence of any such borrowing.

(d)        Notwithstanding the provisions of G.S. 157‑17.1, theapproval of the Local Government Commission shall not be necessary for theissuance of bonds or the incurrence of indebtedness pursuant to this section,and the provisions of the Local Government Finance Act shall not be applicablewith respect to bonds issued or indebtedness incurred pursuant to thissection.  Provided further that notwithstanding any other provision of Statelaw or local ordinance, the approval of the governing body of the county orcity in which the housing authority is located shall be necessary for theissuance of bonds or the incurrence of indebtedness pursuant to this section.

(e)        This section applies only to housing authorities in anycounty with an area of 250 square miles or less and a population of more than100,000 according to the  most recent decennial federal census, and applies toall housing authorities of all cities within such counties.

(f)         Not later than 30 days prior to making its determination,pursuant to subsections (c)(1), (2) or (3) of this section, that mortgage loansare not otherwise available wholly or in part from public or private lendersupon equivalent terms and conditions, an authority shall give written notice ofa proposed financing, including the proposed terms and conditions of themortgage loans to be made, to the North Carolina Housing Finance Agency. Within 20 days following receipt of such notice, the North Carolina HousingFinance Agency shall respond, in writing, to the authority, and provide theauthority with any terms and conditions of mortgage loans which the Agency canmake available and which the Agency believes are reasonably relevant to said determination.(1987, c. 423.)