Fund - Purpose - Interest rate buydown
N.D. Cent. Code § 6-09.14-03
in effect6-09.14-03. 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c09-14.pdf#nameddest=6-09p14-03Fetched: 10/16/2026