§ 159G-41. Withdrawal of loan or grant. - North Carolina Statutes

§ 159G‑41.  Withdrawal of loan or grant.

A letter of intent to offer an award for a loan or grant for a projectis withdrawn if the applicant fails to enter into a construction contract forthe project within two years after the date of the letter, unless theDepartment finds that the applicant has good cause for the failure. An awardfor a loan or grant for a project is withdrawn if the applicant fails to enterinto a construction contract for the project within one year after the date ofthe award, unless the Department finds that the applicant has good cause forthe failure. If the Department finds good cause for an applicant's failure, theDepartment must set a date by which the applicant must take action or forfeitthe loan or grant. (2005‑454, s. 3.)