ND HB1079

Extends the FLEX PACE program at the Bank of North Dakota to finance affordable multifamily housing in oil and gas development areas through June 30, 2015 (previously June 30, 2013).

Clarifies that community contributions may include direct cash, loans, equity investments, land, property, or infrastructure toward the buydown funding requirement.

Increases the maximum interest rate buydown from the fund per loan from $300,000 to $500,000.

Maintains Bank of North Dakota participation between 50-80% of total loan amounts with automatic approval when loan is approved by lenders and community demonstrates commitment and ability to fund its portion.

Declares the Act an emergency measure.