North Carolina Administrative Code

SUBCHAPTER 1C - AMENDMENTS 24 NCAC 01C .0101 MODIFICATION OR REPEAL History Note: Authority G.S. 150B-12; 122A-5; Eff. May 28, 1976; Transferred from T15: 14 Eff. December 1, 1981; Repealed Eff. July 1, 1988.

24 NCAC 01C .0102 SEVERABILITY History Note: Authority G.S. 122A-5; Eff. May 28, 1976; Transferred from T15: 14 Eff. December 1, 1981; Expired Eff. October 1, 2017 pursuant to G.S. 150B-21.3A.

SUBCHAPTER 01D - SINGLE FAMILY MORTGAGE PURCHASE PROGRAM SECTION .0100 - GENERAL INFORMATION 24 NCAC 01D .0101 OBJECTIVES History Note: Authority G.S. 122A-5; Eff. May 28, 1976; Transferred from T15: 14 Eff. December 1, 1981; Temporary Amendment Eff. December 30, 1981, For a Peri…

24 NCAC 01D .0102 ELIGIBLE PERSONS AND FAMILIES (a) For loans purchased with the proceeds of all bonds other than tax exempt bonds issued after January 1, 1987: (1) The agency hereby finds and declares that income eligible persons and families, within the meaning of the act, are …

24 NCAC 01D .0103 PERSONS AND FAMILIES OF MODERATE INCOME History Note: Legislative Objection Lodged Eff. March 7, 1983; Filed as a Temporary Amendment Eff. December 30, 1981, For a Period of 120 Days to Expire on April 29, 1982; Authority G.S. 122A-3; 122A-4; 122A-5.1; Eff. May …

24 NCAC 01D .0104 INCOME LIMITS Based on the criteria described in Rules .0102 and .0103 of this Subchapter the agency shall from time to time as it is determined to be appropriate, specify by resolution the dollar income limits which shall be used by the agency for identifying p…

SECTION .0200 - REQUIREMENTS 24 NCAC 01D .0201 ELIGIBLE BORROWER To be eligible for a mortgage loan, under the forward commitment segment of the program, each applicant must meet all of the following requirements: (1) be a person or family of lower income as defined in this Subch…

24 NCAC 01D .0202 ELIGIBLE PROPERTIES (a) In order to be the subject of a mortgage made to secure a mortgage loan under both segments of the program, a home must meet the following requirements: (1) be located in the State of North Carolina; (2) be situated on real estate held or…

24 NCAC 01D .0203 FORM OF MORTGAGES TO BE PURCHASED BY THE AGENCY The mortgage to be purchased by the agency under the forward commitment segment of the program shall be executed on a form approved by the agency. It shall be a first lien on the property, be consistent with North …

24 NCAC 01D .0204 COMPLIANCE WITH TAX ACT Mortgages to be purchased by the agency shall in all respects comply with Section 103A of the Internal Revenue Code of 1954, as amended. History Note: Authority G.S. 122A-5; Eff. May 28, 1976; Amended Eff. July 1, 1981; January 31, 1980; …

24 NCAC 01D .0305 FORMS TO ACCOMPANY MORTGAGE LOANS APPROVED BY THE AGENCY (a) Mortgage Loan Documentation. The mortgage loan note and Deed of Trust shall be executed on forms approved by the agency and the mortgage loan shall state that the mortgage loan is being made by the len…

SECTION .0400 - ALLOCATION OF FUNDS AVAILABLE FOR LENDER COMMITMENT 24 NCAC 01D .0401 ALLOCATION OF FUNDS History Note: Authority G.S. 122A-5; Eff. May 28, 1976; Transferred from T15: 14 Eff. December 1, 1981; Expired Eff. October 1, 2017 pursuant to G.S. 150B-21.3A.

24 NCAC 01D .0402 FAIR OPPORTUNITY TO PARTICIPATE The agency, recognizing that the need for assistance to home buyers (as contemplated by the act) is very great and further recognizing that the agency funds available to meet that need are small in comparison to that need, will us…

SECTION .0500 - HOMEOWNERSHIP ASSISTANCE FUND AND PROGRAM 24 NCAC 01D .0501 CREATION OF FUND History Note: Authority G.S. 122A-5.7; Temporary Rule Eff. May 15, 1984, for a Period of 120 Days, to Expire on September 12, 1984; Eff. August 1, 1984; Amended Eff. December 1, 1989; Jun…

24 NCAC 01D .0502 ELIGIBILITY (a) The fund will be available to assist income eligible households as defined in Rule .0102 of this Subchapter, who would be unable to receive subsidized loans from the agency. (b) The fund may also provide mortgage assistance to eligible households…

24 NCAC 01D .0503 FUND OPERATION AND ADMINISTRATION (a) The agency will establish a separate Homeownership Assistance Fund consisting of appropriations, agency revenues or other funds allocated to the fund. (b) The agency will not expend any of the state appropriated corpus of th…

SECTION .0600 - MORTGAGE CREDIT CERTIFICATE PROGRAM 24 NCAC 01D .0601 PURPOSE History Note: Authority G.S. 122A-5; 122A-5.1; 122A-5.4; 122A-5.6; Sec. 25, IRC; 26 CFR 1.25; Temporary Adoption Eff. September 22, 1987 for a Period of 120 Days to Expire on January 20, 1988; Eff. Janu…

24 NCAC 01D .0602 ELIGIBILITY To receive an MCC the following requirements must be met: (1) The purchaser must be a North Carolina resident and within 30 days of closing must occupy the home purchased as a principal residence. (2) The purchaser must be a first-time home buyer and…

24 NCAC 01D .0603 PROCEDURES (a) The agency will have overall administrative responsibility for the MCC program in North Carolina and will delegate part of its administrative role to participating lenders through a Lender Participation Agreement. Lender responsibilities will incl…

24 NCAC 01D .0604 MCC COMMITMENT To reserve an MCC for a borrower and secure a commitment from the agency, the following procedure will be followed: (1) The lender will reserve an MCC by calling the agency; (2) An MCC submission package, which is described in the MCC Program Oper…

24 NCAC 01H .0103 PERSONS AND FAMILIES OF MODERATE INCOME History Note: Authority G.S. 122A-3; 122A-5; 122A-5.4; Eff. March 1, 1984; Amended Eff. August 1, 2000; June 1, 1987; Repealed Eff. November 1, 2012.

24 NCAC 01J .0106 ELIGIBLE LENDER History Note: Filed as a Temporary Rule Eff. March 29, 1982, for a Period of 120 Days to Expire on July 27, 1982; Authority 122A-5.5; Eff. July 1, 1982; Repealed Eff. June 1, 1987.

24 NCAC 01J .0107 COMPLIANCE WITH TAX ACT History Note: Authority G.S. 122A-5.5; Eff. June 1, 1987; Repealed Eff. November 1, 2012.

24 NCAC 01J .0203 FORMS ACCOMPANY HOME IMPROVEMENT LOANS APPROVED BY AGENCY History Note: Filed as a Temporary Amendment Eff. January 17, 1983, for a Period of 76 Days to Expire on April 2, 1983; Filed as a Temporary Rule Eff. March 29, 1982, for a Period of 120 Days to Expire on…

SUBCHAPTER 01M - NORTH CAROLINA HOUSING TRUST FUND SECTION .0100 - GENERAL POLICY GUIDELINES 24 NCAC 01M .0101 ADOPTION OF CHAPTER 122E BY REFERENCE History Note: Authority G.S. 122E-4; 122E-5; 122E-8; 150B-14(c); Eff. September 1, 1988; Amended Eff. November 2, 1992; Expired Eff…

SECTION .0200 - GENERAL HOUSING TRUST FUND PROGRAM REQUIREMENTS 24 NCAC 01M .0201 PURPOSE History Note: Authority G.S. 122E-4; 122E-5; 122E-8; l50B-14(c); Temporary Rule Eff. May 13, 1988 For a Period of 180 Days to Expire on November 9, 1988; Eff. December 1, 1988; Amended Eff. …

24 NCAC 01M .0202 ELIGIBILITY (a) Eligible projects under Trust Fund programs shall include those identified in G.S. 122E-6(c) and (d). (b) Specific activities eligible for financing through Trust Fund programs will be identified in the rules for each program. (c) Eligible applic…

24 NCAC 01M .0203 APPLICATION PROCEDURES (a) Funding cycles for Trust Fund programs will be established on an annual basis, or more frequently, depending on the need for and the availability of funds. Separate funding cycles may be utilized for new construction, rehabilitation, e…

24 NCAC 01M .0204 SELECTION PROCEDURES (a) In distributing program funds, the partnership shall develop an allocation formula that will promote the distribution of funds across the state based on population and very low-, low- and moderate-income housing need as defined in G.S. 1…

24 NCAC 01M .0205 ADMINISTRATION History Note: Filed as a Temporary Rule Eff. May 13, 1988 For a Period of 180 Days to Expire on November 9, 1988; Authority G.S. 122A-5; 122A-5.1; 122E-4; 122E-5; 122E-8; Eff. December 1, 1988; Repealed Eff. February 1, 1993.

SECTION .0300 - HOUSING PRODUCTION PROGRAM 24 NCAC 01M .0301 GOAL AND OBJECTIVES (a) The goal of the Housing Production Program (the "program") is to increase the supply of housing that is affordable to very low, low- and moderate-income households as defined in G.S. 122E-6(a). (…

24 NCAC 01M .0302 ELIGIBILITY REQUIREMENTS (a) Both rental and home ownership projects are eligible under the program. In addition, eligible projects are those including: (1) New construction; (2) Acquisition and rehabilitation; or (3) Substantial rehabilitation. (b) Program fund…

24 NCAC 01M .0303 THRESHOLD REVIEW CRITERIA The agency's evaluation of applications for funding shall consider the following threshold criteria: (1) The application must be complete and submitted on the proper form by the application deadline; (2) The application must demonstrate…

24 NCAC 01M .0304 RANKING CRITERIA (a) Applications meeting the threshold requirements will be ranked within their respective areas using a competitive point ranking system. No more than 25 percent of the total points available will be awarded under any single criterion. For rent…

24 NCAC 01M .0305 AGENCY BOARD APPROVAL (a) In its evaluation of applications the agency will also analyze the capacity of project owners using the following criteria: (1) Project owners (organizations and individuals) must provide evidence of sufficient financial capacity to suc…

24 NCAC 01M .0306 FUNDING COMMITMENT (a) Projects selected for financing shall receive a written conditional commitment of program funds. The commitment will identify all conditions related to the funding award. The agency shall charge a commitment fee not to exceed one percent o…

SECTION .0400 - REHABILITATION INCENTIVE PROGRAM 24 NCAC 01M .0401 GOALS AND OBJECTIVES (a) The goal of the Rehabilitation Incentive Program (the "program") is to encourage the rehabilitation of housing occupied by very low-, low- and moderate-income households as defined in G.S.…

24 NCAC 01M .0402 ELIGIBILITY REQUIREMENTS (a) The rehabilitation of both owner-occupied and rental housing is eligible under the program. Rehabilitated units must meet or exceed local housing code standards or, if there is no local code, the Housing Quality Standards of the U.S.…

24 NCAC 01M .0403 THRESHOLD REVIEW CRITERIA The agency's evaluation of applications for funding shall consider the following threshold criteria: (1) The application must be complete and submitted on the proper form by the application deadline; (2) The project must meet the progra…

24 NCAC 01M .0404 RANKING CRITERIA Applications meeting the threshold requirements shall be ranked within their respective areas using a competitive point ranking system. No more than 25 percent of the total points available shall be awarded under any single criterion. The rankin…

24 NCAC 01M .0405 AGENCY BOARD APPROVAL (a) In its evaluation of applications the agency shall also analyze the capacity of applicants using the following criteria: (1) The experience of the applicant in undertaking similar types of projects; (2) The performance of the applicant,…

24 NCAC 01M .0406 FUNDING COMMITMENT (a) Applicants selected for funding will be notified and provided with a program Funding Agreement. (b) Prior to executing the Funding Agreement the recipient may be required to provide the agency with additional information on the proposed pr…

SUBCHAPTER 1N - HOUSING COUNSELING SECTION .0100 - RESERVED FOR FUTURE CODIFICATION

SECTION .0200 - TRAINING FOR REVERSE MORTGAGE COUNSELORS 24 NCAC 01N .0201 PURPOSE History Note: Authority G.S. 53-269; 122A-5; 122A-5.1; Eff. July 1, 1992; Expired Eff. October 1, 2017 pursuant to G.S. 150B-21.3A.

24 NCAC 01N .0202 STANDARDS FOR COUNSELOR TRAINING (a) All borrowers applying for a reverse mortgage must receive counseling from an organization with staff that has completed a training program approved by the agency. (b) The agency will periodically, but no less than once per y…

24 NCAC 01N .0203 NOTIFICATION OF THE COMMISSIONER OF BANKS History Note: Authority G.S. 53-269; 122A-5; 122A-5.1; Eff. July 1, 1992; Expired Eff. October 1, 2017 pursuant to G.S. 150B-21.3A.

24 NCAC 01N .0204 FEES History Note: Authority G.S. 53-269; 122A-5; 122A-5.1; Eff. July 1, 1992; Repealed Eff. January 1, 2019.

24 NCAC 01O .0203 ADMINISTRATION History Note: Authority G.S. 122A-5; 122A-5.1; S.L. 1991, c. 582, s. 1; Eff. November 30, 1992; Expired Eff. October 1, 2017 pursuant to G.S. 150B-21.3A.

CHAPTER 02 - N.C. AGRICULTURAL FINANCE AUTHORITY SUBCHAPTER 02A - GENERAL PROVISIONS 24 NCAC 02A .0101 OBJECTIVES (a) The primary objective of the Authority is to provide capital and credit at interest rates within the financial means of persons engaged in all aspects of agricult…

24 NCAC 02A .0102 DEFINITIONS The following words and terms, unless their context shall clearly indicate a different definition, shall be defined and mean as follows: (1) "Applicant" is a person applying to the Authority for a loan. (2) "Agriculture" is defined in G.S. 122D-3(2).…