ND SB2132

Bank of North Dakota maintains a loan fund for residents affected by presidentially declared disasters to rebuild flood-damaged homes, purchase new homes, or obtain federal emergency management agency temporary housing units, with up to 20 percent of proceeds available for debt service and credit obligations.

Initial loans to homeowners are capped at $30,000 or actual documented damage not covered by flood insurance, whichever is less; supplemental loans of up to $20,000 may be made if the combined amount does not exceed documented uninsured damage and is secured by the property.

Loans carry a fixed interest rate of 1 percent per year for up to 20 years, with principal and interest payments deferred for the first 24 months; loan applications for initial loans must be submitted by September 30, 2013, and supplemental loan applications between October 1, 2013, and December 31, 2013.

Bank of North Dakota shall transfer $5,000,000 from current earnings to the rebuilders loan program fund through June 30, 2015, with loan repayments prioritized to replenish $35,000,000 of the Bank's undivided profits before excess amounts are transferred to the state general fund.

Appropriations for the rebuilders loan program are exempt from statutory restrictions and may carry over unused funds into the 2013-2015 biennium; the bill is declared an emergency measure.