§ 122A-5.7. Homeownership Assistance Fund authorized; authority.
§122A‑5.7. Homeownership Assistance Fund authorized; authority.
The North Carolina HousingFinance Agency is authorized to establish a Homeownership Assistance Fund(hereinafter referred to as "the Fund") to assist families of low andmoderate income in the purchase of affordable residential housing. To achievethis purpose, the Agency may use the Fund to provide additional security foreligible loans, to subsidize down payments, principal payments and interestpayments, and to provide any type of mortgage assistance the Agency deemsnecessary. The Fund shall operate as a revolving fund. The Agency shall adoptrules for the operation and use of the Fund. These funds shall be used forpeople who otherwise would be unable to receive subsidized loans from theHousing Finance Agency. (1983, c. 923, s. 203.)