157-9.4. Multi-family rental housing projects.
(a) If an authority owns, operates, or provides financial assistance to a multi-family rental housing project, at least twenty percent (20%) of the units in the project shall be set aside for the exclusive use of persons of low income. An authority may group projects being developed concurrently in order to meet the requirement of this subsection.
(b) If an authority provides financial assistance to a multi-family rental housing project, the authority shall establish, as a condition of the assistance, requirements and procedures that insure that all units initially set aside for the exclusive use of persons of low income continue to be so used for 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.)
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.