§ 157-9.4. Multi-family rental housing projects. - North Carolina Statutes

§ 157‑9.4.  Multi‑familyrental housing projects.

(a)        If an authority owns, operates, or provides financialassistance to a multi‑family rental housing project, at least twentypercent (20%) of the units in the project shall be set aside for the exclusive useof persons of low income.  An authority may group projects being developedconcurrently in order to meet the requirement of this subsection.

(b)        If an authority provides financial assistance to a multi‑familyrental housing project, the authority shall establish, as a condition of theassistance, requirements and procedures that insure that all units initiallyset aside for the exclusive use of persons of low income continue to be so usedfor at least 15 years after the initial date on which at least fifty percent(50%) of the units in the project are occupied. (1987, c. 464, s. 4.1.)