The industrial commission may establish a program or programs to provide housing for persons of low or moderate income, through the acquisition of residential real property and related personal property or interests therein through purchase, lease, gift, grant, bequest, or otherwise to maintain, repair, improve, sell, or convey leasehold interests in that real and personal property to, or for the benefit of, persons of low or moderate income. Property acquired under this section is subject to property and special assessment taxes in a manner consistent with and equal to other property of equal value within the respective taxing districts where the property is located. Taxes on any property acquired under this section must be paid in a timely manner for any year or pro rata portion of a year by any housing authority or housing acquisition organization holding title to the property.

Terms Used In North Dakota Code 54-17-07.10

  • Bequest: Property gifted by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • year: means twelve consecutive months. See North Dakota Code 1-01-33
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