ND HB1185

Amends the North Dakota rebuilders loan program to extend eligibility to owners of nonowner-occupied property (rental dwelling units) in addition to homeowners affected by presidentially declared disasters.

Extends the application deadline for nonowner-occupied property loans from September 30, 2012 to September 30, 2013.

Establishes loan terms with a fixed interest rate of one percent per year for up to twenty years, with a maximum initial loan of thirty thousand dollars or documented damage amount, whichever is less.

Requires principal and interest payment deferral for the first twenty-four months for homeowner loans only; nonowner-occupied property loans have no deferral period.

Exempts rebuilders loan program appropriations from budget provisions in section 54-44.1-11 and makes unexpended funds available for continuation during the biennium from July 1, 2013 through June 30, 2015.