§ 157-1 – Title of Article.

157-1. Title of Article. This Article may be referred to as the Housing Authorities Law. (1935, c. 456, s. 1.)

§ 157-10 – Cooperation of authorities.

157-10. Cooperation of authorities. Any two or more authorities may join or cooperate with one another in the exercise, either jointly or otherwise, of any or all of their powers for the purpose of financing (including the issuance of bonds, notes or other obligations and giving security therefor), planning, undertaking, owning, constructing, operating or contracting […]

§ 157-11 – Eminent domain.

157-11. Eminent domain. The authority shall have the right to acquire by eminent domain any real property, including fixtures and improvements, which it may deem necessary to carry out the purposes of this Article after the adoption by it of a resolution declaring that the acquisition of the property described therein is in the public […]

§ 157-12 – Acquisition of land for government.

157-12. Acquisition of land for government. The authority may acquire by purchase or by the exercise of its power of eminent domain, as aforesaid, any property real or personal for any housing project being constructed or operated by a government. The authority upon such terms and conditions, with or without consideration, as it shall determine, […]

§ 157-13 – Zoning and building laws.

157-13. Zoning and building laws. All housing projects of an authority shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality in which the housing project is situated. (1935, c. 456, s. 13.)

§ 157-14 – Types of bonds authority may issue.

157-14. Types of bonds authority may issue. An authority shall have power to issue bonds from time to time in its discretion for any of its corporate purposes. An authority shall also have power to issue or exchange refunding bonds for the purpose of paying, retiring, extending or renewing bonds previously issued by it. An […]

§ 157-15 – Form and sale of bonds.

157-15. Form and sale of bonds. The bonds of the authority shall be authorized by its resolution and shall be issued in one or more series and shall bear such date or dates, mature at such time or times, not exceeding 60 years from their respective dates, bear interest at such rate or rates, be […]

§ 157-16 – Provisions of bonds, trust indentures, and mortgages.

157-16. Provisions of bonds, trust indentures, and mortgages. In connection with the issuance of bonds and/or the incurring of any obligation under a lease and in order to secure the payment of such bonds and/or obligations, the authority shall have power: (1) To pledge by resolution, trust indenture, mortgage, or other contract, all or any […]

§ 157-17 – Power to mortgage when project financed with governmental aid.

157-17. Power to mortgage when project financed with governmental aid. In connection with the interim or permanent financing of any project to be permanently financed in whole or in part by a government, or the permanent financing of which is to be secured by a pledge of a government commitment for rental assistance payments, the […]

§ 157-17.1 – Approval of mortgages by Local Government Commission; considerations; rules and regulations.

157-17.1. Approval of mortgages by Local Government Commission; considerations; rules and regulations. (a) With 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. (b) The Local Government Commission shall consider, in any application by a housing authority for […]

§ 157-18 – Remedies of an obligee of authority.

157-18. Remedies of an obligee of authority. An obligee of the authority shall have the right in addition to all other rights which may be conferred on such obligee subject only to any contractual restrictions binding upon such obligee: (1) By mandamus, suit, action or proceeding in law or equity (all of which may be […]

§ 157-19 – Additional remedies conferrable by mortgage or trust indenture.

157-19. Additional remedies conferrable by mortgage or trust indenture. Any authority shall have power by its trust indenture, mortgage, lease or other contract to confer upon any obligee holding or representing a specified amount in bonds, lease or other obligations the right upon the happening of an "event of default" as defined in such instrument: […]

§ 157-2 – Finding and declaration of necessity.

157-2. Finding and declaration of necessity. (a) It is hereby declared that unsanitary or unsafe dwelling accommodations exist in urban and rural areas throughout the State and that such unsafe or unsanitary conditions arise from overcrowding and concentration of population, the obsolete and poor condition of the buildings, improper planning, excessive land coverage, lack of […]

§ 157-20 – Remedies cumulative.

157-20. Remedies cumulative. All the rights and remedies hereinabove conferred shall be cumulative and in addition to all other rights and remedies that may be conferred upon such obligee of the authority by law or by any contract with the authority. (1935, c. 456, s. 20.)

§ 157-21 – Limitations on remedies of obligee.

157-21. Limitations on remedies of obligee. All property of the authority shall be exempt from levy and sale by virtue of an execution, and no execution shall issue against the same. No judgment against the authority shall be a charge or lien against its property, real or personal. The provisions of this section shall not […]

§ 157-22 – Title obtained at foreclosure sale subject to agreement with government.

157-22. Title obtained at foreclosure sale subject to agreement with government. Notwithstanding anything in this Article to the contrary, any purchaser or purchasers at a sale of real or personal property of the authority whether pursuant to any foreclosure of a mortgage, pursuant to judicial process or otherwise, shall obtain title subject to any contract […]

§ 157-23 – Contracts with federal government.

157-23. Contracts with federal government. In addition to the powers conferred upon the authority by other provisions of this Article, the authority is empowered to borrow money and/or accept grants from the federal government for or in aid of the construction of any housing project which such authority is authorized by this Article to undertake, […]

§ 157-24 – Security for funds deposited by authorities.

157-24. Security for funds deposited by authorities. The authority may by resolution provide that (1) All moneys deposited by it shall be secured by obligations of the United States or of the State of a market value equal at all times to the amount of such deposits or (2) By any securities in which savings […]

§ 157-25 – Housing bonds, legal investments and security.

157-25. Housing bonds, legal investments and security. The State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons […]

§ 157-26 – Tax exemptions.

157-26. Tax exemptions. An authority is a local government agency and is exempt from taxation to the same extent as a unit of local government. Property owned by an authority is exempt from taxation in accordance with Article V, 2 of the North Carolina Constitution. Bonds and other obligations issued by an authority or its […]