North Dakota Century Code Title 6. Banks and Banking § 6-09.14-03. Fund--Purpose--Interest rate buydown

Moneys in the partnership in assisting community expansion fund must be used for the purpose of buying down the interest rate on loans made by a lead financial institution in participation with the Bank of North Dakota. The Bank of North Dakota's participation may not exceed eighty percent nor be less than fifty percent of the total loans. If the loan is approved by the lenders and there is evidence of the community's commitment and ability to fund its portion of the buydown, the fund's participation in the buydown must automatically be approved. The community's contribution of direct cash, loans, equity investments, land, property, or infrastructure may count toward the community's funding of its portion of the buydown.