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

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

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 4. 5. 6. c. Include financial information the Bank determines appropriate to verify eligibility. 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. 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. 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.