NC H484

Transfer management of the State Home Foreclosure Prevention Project and its trust fund from the Commissioner of Banks to the North Carolina Housing Finance Agency effective July 1, 2011.

Authorize the Housing Finance Agency to administer foreclosure prevention programs including allocating up to $2.2 million or 30% annually for administrative costs, up to $3.4 million or 40% for nonprofit housing counseling agencies, and up to 30% for nonprofit legal service providers.

Grant the Commissioner of Banks authority to extend foreclosure filing dates by up to 30 days for primary residences when further prevention efforts offer reasonable prospect to avoid foreclosure.

Exempt the North Carolina Housing Finance Agency from compliance with Articles 6 and 7 of Chapter 146 of the General Statutes regarding office space acquisition.

Authorize the Commissioner of Banks to acquire, hold, rent, and transfer real property and utilities with approval of the State Banking Commission, and to pledge or encumber funds to secure financing for real property.