N.D. Cent. Code § 6-09.14-03
This is the official text of N.D. Cent. Code § 6-09.14-03, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-09.14-03. Fund - Purpose - Interest rate buydown
Official statutory text
6-09.14-03. Fund - Purpose - Interest rate buydown
Moneys in the partnership in assisting community expansion fund must be used for the
purpose of buying down the interest rate on loans made by a lead financial institution in
participation with the Bank of North Dakota. The Bank of North Dakota's participation may not
exceed eighty percent nor be less than fifty percent of the total loans. If the loan is approved by
the lenders and there is evidence of the community's commitment and ability to fund its portion
of the buydown, the fund's participation in the buydown must automatically be approved. The
community's contribution of direct cash, loans, equity investments, land, property, or
infrastructure may count toward the community's funding of its portion of the buydown.
Moneys in the partnership in assisting community expansion fund must be used for the
purpose of buying down the interest rate on loans made by a lead financial institution in
participation with the Bank of North Dakota. The Bank of North Dakota's participation may not
exceed eighty percent nor be less than fifty percent of the total loans. If the loan is approved by
the lenders and there is evidence of the community's commitment and ability to fund its portion
of the buydown, the fund's participation in the buydown must automatically be approved. The
community's contribution of direct cash, loans, equity investments, land, property, or
infrastructure may count toward the community's funding of its portion of the buydown.
Status: in_force · Read it on the official government site
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