157-17.1. Approval of mortgages by Local Government Commission; considerations; rules and regulations.
(a) With the exception of mortgages under G.S. 157-17, no housing authority may execute any mortgage authorized by this Chapter without the approval of the Local Government Commission.
(b) The Local Government Commission shall consider, in any application by a housing authority for approval of a mortgage, the following issues:
(1) The value of the property, and any other secured indebtedness upon the property;
(2) The ability of the authority to repay the indebtedness secured by the mortgage;
(3) Any other issues it deems necessary to insure the financial soundness of the housing authority.
(c) The Local Government Commission shall adopt rules and regulations to implement this section. (1979, c. 690, s. 5.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 157 - Housing Authorities and Projects
Article 1 - Housing Authorities Law.
§ 157-2 - Finding and declaration of necessity.
§ 157-4 - Notice, hearing and creation of authority; cancellation of certificate of incorporation.
§ 157-4.1 - Alternative organization any city.
§ 157-4.1A - Alternative organization cities under 250,000 only.
§ 157-5 - Appointment, qualifications and tenure of commissioners.
§ 157-7 - Interested commissioners or employees.
§ 157-8 - Removal of commissioners.
§ 157-9 - Powers of authority.
§ 157-9.2 - Additional powers.
§ 157-9.3 - Mixed income projects owned or operated by authorities.
§ 157-9.4 - Multi-family rental housing projects.
§ 157-10 - Cooperation of authorities.
§ 157-12 - Acquisition of land for government.
§ 157-13 - Zoning and building laws.
§ 157-14 - Types of bonds authority may issue.
§ 157-15 - Form and sale of bonds.
§ 157-16 - Provisions of bonds, trust indentures, and mortgages.
§ 157-17 - Power to mortgage when project financed with governmental aid.
§ 157-18 - Remedies of an obligee of authority.
§ 157-19 - Additional remedies conferrable by mortgage or trust indenture.
§ 157-20 - Remedies cumulative.
§ 157-21 - Limitations on remedies of obligee.
§ 157-22 - Title obtained at foreclosure sale subject to agreement with government.
§ 157-23 - Contracts with federal government.
§ 157-24 - Security for funds deposited by authorities.
§ 157-25 - Housing bonds, legal investments and security.
§ 157-26.1 - Exemption from real estate licensure requirements.
§ 157-29 - Rentals; tenant selections; and summary ejectments.
§ 157-29.1 - Fraudulent misrepresentation.
§ 157-30 - Creation and establishment validated.
§ 157-31 - Contracts, agreements, etc., validated.
§ 157-32 - Proceedings for issuance, etc., of bonds and notes validated.
§ 157-32.1 - Other validation of creation, etc.
§ 157-32.2 - Other validation of contracts, agreements, etc.
§ 157-32.3 - Other validation of bonds and notes.
§ 157-32.4 - Further validation of contracts, agreements, etc.
§ 157-33 - Notice, hearing and creation of authority for a county.
§ 157-34 - Commissioners and powers of authority for a county.
§ 157-35 - Creation of regional housing authority.
§ 157-36 - Commissioners of regional housing authority.
§ 157-37 - Powers of regional housing authority.
§ 157-38 - Rural housing projects.
§ 157-39 - Housing applications by farmers.
§ 157-39.1 - Area of operation of city, county and regional housing authorities.
§ 157-39.2 - Increasing area of operation of regional housing authority.
§ 157-39.3 - Decreasing area of operation of regional housing authority.
§ 157-39.4 - Requirements of public hearings.
§ 157-39.5 - Consolidated housing authority.
§ 157-39.6 - Findings required for authority to operate in municipality.
§ 157-39.7 - Meetings and residence of commissioners.
§ 157-39.8 - Agreement to sell as security for obligations to federal government.