§ 157-17.1. Approval of mortgages by Local Government Commission; considerations; rules and regulations.
§ 157‑17.1. Approval of mortgages by Local Government Commission; considerations; rules andregulations.
(a) With the exception of mortgages under G.S. 157‑17, nohousing authority may execute any mortgage authorized by this Chapter withoutthe approval of the Local Government Commission.
(b) The Local Government Commission shall consider, in anyapplication by a housing authority for approval of a mortgage, the followingissues:
(1) The value of the property, and any other securedindebtedness upon the property;
(2) The ability of the authority to repay the indebtednesssecured by the mortgage;
(3) Any other issues it deems necessary to insure the financialsoundness of the housing authority.
(c) The Local Government Commission shall adopt rules and regulationsto implement this section. (1979, c. 690, s. 5.)