North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 19 - RURAL ECONOMIC DEVELOPMENT
Subchapter L - NORTH CAROLINA COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM
Section .1800 - NORTH CAROLINA DEVELOPMENT LOAN FUND
Section 19L .1803 - ELIGIBILITY REQUIREMENTS
Universal Citation: 04 NC Admin Code 19L .1803
Current through Register Vol. 39, No. 6, September 16, 2024
(a) Applications for Development Loan Funds must show that:
(1) All activities are eligible under state
and federal regulations; and
(2)
Development Loan Funds proposed for each activity meet a national objective as
specified by HUD regulations incorporated by prior reference; and
(3) The applicant has the capacity to
administer a Development Loan Fund project.
(b) The Division must make the following findings prior to an award:
(1) A loan loss
reserve is in place equal to 10% of the amount of the outstanding
balance.
(2) The approved loan may
not take the total amount of outstanding obligations under the Development Loan
Fund to more than twice the amount of the annual CDBG allocation.
Authority
G.S.
143B-431;
24 C.F.R.
570 Subpart M;
Eff. August 1,
1998;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. March 6,
2018.
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