Compliance with Regulations

Loans made from this program must be consistent and in accordance with the:

  • Federal Community Development Statutes (24 CFR 570)
  • NC General Statutes dealing with community development (G.S. 160-A-456, 1983 Sessions Laws)
  • Policies established by the Winston-Salem City Council

Construction companies working on projects funded through this program are required to comply with the Davis Bacon Fair Wage Act. Failure of a project to comply with Davis Bacon Fair Wage Act could result in the borrowers default of loan, suspension of loan proceeds, and/or initiate repayment terms ahead of schedule.