(a) With the exception of mortgages under G.S. 157-17, no housing authority may execute any mortgage authorized by this Chapter without the approval of the Local Government Commission. (b) The Local Government Commission shall consider, in any application by a housing authority for approval of a mortgage, the following issues: (1) The value of the property, and any other secured indebtedness upon the property; (2) The ability of the authority to repay the indebtedness secured by the mortgage; (3) Any other issues it deems necessary to insure the financial soundness of the housing authority. (c) The Local Government Commission shall adopt rules and regulations to implement this section.
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