2005 North Carolina Code - General Statutes § 143-433.9. Allocation.

§ 143‑433.9.  Allocation.

(a)       To provide for the orderly and prompt issuance of private activity bonds there are hereby proclaimed formulas for allocating the unified volume limitation and the state housing credit ceiling. The unified volume limitation for all issues in North Carolina shall be considered as a single resource to be allocated under this Article. The Committee shall issue allocations of the unified volume limitation and shall issue allocations of the State Housing Credit Ceiling. The Committee shall set forth procedures for making such allocations and in the making of such allocations shall take into consideration the best interest of the State of North Carolina with regard to the economic development and general prosperity of the people of North Carolina.

(b)       In administering the low‑income housing credit program, the Committee shall adopt a Qualified Allocation Plan (the Plan) as required by 26 U.S.C. § 42(m) annually. Solely with respect to the adoption of the Plan, the Committee is exempt from the requirements of Article 2A of Chapter 150B of the General Statutes. Prior to adoption or amendment of the Plan, the Committee shall:

(1)       Publish the proposed Plan in the North Carolina Register at least 30 days prior to the adoption of the final Plan;

(2)       Notify any person who has applied for the low‑income housing credit in the previous year and any other interested parties of its intent to adopt the Plan;

(3)       Accept oral and written comments on the proposed Plan; and

(4)       Hold at least one public hearing on the proposed Plan. (1987, c. 588, s. 4; 2001‑299, s. 1.1.)