GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

H	1 

HOUSE BILL 1057

Short Title:  Mortgage Credits Study.	(Public)

─────────────────────────────────────── 
Sponsors: Representative Jeffus.

─────────────────────────────────────── 
Referred to:  Rules, Calendar and Operations of the House.

─────────────────────────────────────── 

April 15, 1999

A BILL TO BE ENTITLED
AN ACT TO AUTHORIZE THE LEGISLATIVE RESEARCH COMMISSION TO STUDY THE STATE'S PARTICIPATION IN THE MORTGAGE CREDIT CERTIFICATE PROGRAM ADMINISTERED BY THE NORTH CAROLINA HOUSING FINANCE AGENCY.
The General Assembly of North Carolina enacts:
Section 1.  The Legislative Research Commission is authorized to study issues relating to the mortgage credit certificate program as administered on behalf of the State by the North Carolina Housing Finance Agency.
Section 2.  The study shall include the following issues:
(1)	The benefits accruing to North Carolina citizens from the State's participation in the mortgage credit certificate program.
(2)	The policies of the North Carolina Housing Finance Agency related to reissuing mortgage credit certificates to qualified borrowers who refinance home mortgages for which mortgage credit certificates had previously been issued.
(3)	Whether mortgage credit certificates should be reissued on the refinance of adjustable-rate mortgages to either adjustable-rate mortgages or fixed-rate mortgages.
(4)	Inequities to borrowers eligible for mortgage credit certificates arising from different policies by the North Carolina Housing Finance Agency relative to the reissuance of mortgage credit certificates for different types of mortgage refinances.
(5)	The monetary value of tax credits lost by qualified borrowers arising from the North Carolina Housing Finance Agency's policy not to reissue mortgage credit certificates for the adjustable-rate mortgages refinanced to fixed-rate mortgages.
(6)	Whether the policies implemented by the North Carolina Housing Finance Agency relative to the mortgage credit certificate program have been properly approved by the Board of Directors of the Agency and whether the Board of Directors has adopted all necessary rules in accordance with Chapter 150B of the General Statutes related to the mortgage credit certification program.
(7)	Whether fees charged by the North Carolina Housing Finance Agency for the mortgage credit certificate program are adequate to cover the costs for the necessary services to properly and fully execute the mortgage credit certificate program to the maximum benefit of the citizens of the State.
Section 3.  The Commission shall make a final report of its findings and recommendations, including any legislative proposals, regarding changes to the mortgage credit certificate program to the 2001 General Assembly.  The Commission may make an interim report to the 1999 General Assembly, 2000 Regular Session.
Section 4.  This act is effective when it becomes law.