GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

H	1 

HOUSE BILL 697

Short Title:  NCHFA Distressed Projects.	(Public)
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Sponsors: Representatives Blue; and H. Hunter.
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Referred to:  Human Resources.
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March 20, 1989

A BILL TO BE ENTITLED
AN ACT TO REMOVE THE DEADLINE FOR DISTRESSED MULTI-FAMILY RESIDENTIAL PROJECT DESIGNATIONS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 122A-5.8(c) reads as rewritten:
"(c)	The Board of Directors of the Agency may determine, by resolution, to permit not in excess of ten percent (10%) of the rental units in any distressed rental housing project to be rented to persons or families without regard to income until the project's occupancy levels, in the judgment of the Agency, will sustain operations at a level sufficient to prevent delinquency or default."
Sec. 2.  This act is effective upon ratification.