§ 6-09-54 — Extraordinary medical needs housing loan fund - Continuing appropriation

North Dakota § 6-09-54

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-09: The Bank of North Dakota

Text

1. The Bank of North Dakota shall administer a loan program to provide loans for new
construction projects to provide housing for individuals with disabilities that have
extraordinary medical needs. A construction project may include a land purchase and
the construction costs of the project. The applicant must comply with project
requirements as approved by the department of health and human services and the
North Dakota housing finance agency.
2. The extraordinary medical needs housing loan fund is a special fund maintained in the
state treasury from which the Bank shall provide loans under this section. The fund
consists of revenues transferred under legislative authorization, interest upon moneys
in the fund, and collections of interest and principal on loans made from the fund. All
moneys in the fund are appropriated on a continuing basis to the Bank for the purpose
of providing loans under this section.
3. The developer of the housing facility for individuals with disabilities that have
extraordinary medical needs may submit an application to the Bank for a loan. The
application must:
a. Provide detail on the proposed construction project and its compliance with the
department of health and human services and the North Dakota housing finance
agency requirements;
b. Demonstrate the need and long-term viability of the project; and

c. Include financial information the Bank determines appropriate to verify eligibility.
4. A loan approved under this section:
a. May not exceed three million three hundred thousand dollars for a project;
b. Must have an interest rate that does not exceed two percent; and
c. Must have a repayment schedule of no longer than twenty years.
5. A recipient of a loan under this section shall complete the financed construction project
within twenty-four months of the approval of the loan. Failure to comply with this
subsection may result in forfeiture of the entire loan received under this section.
6. The Bank shall deposit in the fund all principal and interest paid on the loans made
from the fund. The Bank may deduct from interest payments a service fee for costs of
administering the loan program. The fund must be audited annually pursuant to section
6-09-29 and the cost of the audit and any other actual costs incurred by the Bank on
behalf of the fund must be paid from the fund.