§ 160A-278. Lease of land for housing. - North Carolina Statutes

§ 160A‑278.  Leaseof land for housing.

A city may lease land upon such terms and conditions as it deems wiseto any person, firm or corporation who will use the land to construct housingfor the benefit of persons of low income, or moderate income, or low andmoderate income.  Such a housing project may also provide housing to persons ofother than low or moderate income, as long as at least twenty percent (20%) ofthe units in the project are set aside for the exclusive use of persons of lowincome.  Despite the provisions of G.S. 160A‑272, a lease authorizedpursuant to this section may be made by private negotiation and may extend forlonger than 10 years.  Property may be leased under this section only pursuantto a resolution of the council authorizing the execution of the lease adoptedat a regular council meeting upon 10 days' public notice.  Notice shall begiven by publication describing the property to be leased, stating the value ofthe property, stating the proposed consideration for the lease, and stating thecouncil's intention to authorize the lease. (1987, c. 464, s. 9.)