{"data":{"id":"us-nc/n.c.-gen.-stat.-157-17.1","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 157-17.1","heading":"Approval of mortgages by Local Government Commission; considerations; rules and regulations.","body":"(a)\tWith the exception of mortgages under G.S. 157-17, no housing authority may execute any mortgage authorized by this Chapter without the approval of the Local Government Commission.\n(b)\tThe Local Government Commission shall consider, in any application by a housing authority for approval of a mortgage, the following issues:\n(1)\tThe value of the property, and any other secured indebtedness upon the property;\n(2)\tThe ability of the authority to repay the indebtedness secured by the mortgage;\n(3)\tAny other issues it deems necessary to insure the financial soundness of the housing authority.\n(c)\tThe Local Government Commission shall adopt rules and regulations to implement this section. (1979, c. 690, s. 5.)","path":["Chapter 157. Housing Authorities and Projects.","Article 1. Housing Authorities Law."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_157/GS_157-17.1.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:24:37Z","sha256":"aadbf580ecf8eed5a190572d88f0b6486a774a5856dec3eb2928864121a18b3e","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-157-17","next":"us-nc/n.c.-gen.-stat.-157-18"},"notice":"GroundRules: Original legal text. Not legal advice."}