GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION
CHAPTER 454
AN ACT TO REMOVE THE DEADLINE FOR DISTRESSED MULTIFAMILY 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 first
of the following occur (1) project's occupancy levels, in the
judgment of the Agency, will sustain operations at a level sufficient to
prevent delinquency or default, or (2) June 30, 1989. default."
Sec. 2. G.S. 122A-5.8(d) reads as rewritten:
"(d) The Board of
Directors may also determine, by resolution, to permit additional rental units
at any such distressed rental housing project, to be rented to persons or
families without regard to income, subject to the restrictions restriction
contained in subsections (c)(1) and (c)(2) subsection (c) of
this section, provided that: (1) the units therein that have been available for
rental without regard to income have been available for a period of time not
less than three months, (2) the Agency has determined that permitting
additional units, in excess of ten percent (10%), to be rented without regard
to income is necessary in order for such distressed rental housing project to
avoid foreclosure, and (3) the total number of housing units at any distressed
rental housing project rented without regard to income shall not exceed fifteen
percent (15%) of the total number of units therein."
Sec. 3. Section 4 of Chapter 305 of the Session Laws of 1987 is repealed.
Sec. 4. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 26th day of June, 1989.