reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.720 - Use, maintenance and insurance of property.

An authority may:
1. Covenant as to the use, maintenance and replacement of any or all of its real or personal property, the insurance to be carried thereon, and the use and disposition of insurance moneys.
2. Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation.
3. Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.
[Part 14:253:1947; 1943 NCL § 5470.14]
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.730 - Obligees’ powers and duties.

An authority may:
1. Vest in any obligees of the authority the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.
2. Vest in an obligee or obligees holding a specified amount in bonds the right, in the event of a default by the authority, to take possession of and use, operate and manage any housing project or any part thereof or any funds connected therewith, and to collect the rents and revenues arising therefrom, and to dispose of such moneys in accordance with the agreement of the authority with such obligees.
3. Provide for the powers and duties of such obligees and limit the liabilities thereof.
4. Provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds.
[Part 14:253:1947; 1943 NCL § 5470.14]
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.740 - Exercise of enumerated powers.

An authority may exercise all or any part or combination of the powers granted in NRS 315.680 to 315.730, inclusive, and make covenants other than and in addition to the covenants expressly authorized in such sections. An authority may do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or, in the absolute discretion of the authority, as will tend to make the bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein.
[Part 14:253:1947; 1943 NCL § 5470.14]
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.750 - Submission to and certification of bonds by Attorney General.

An authority may submit to the Attorney General of the State any bonds to be issued pursuant to NRS 315.140 to 315.7813, inclusive, after all proceedings for the issuance of such bonds have been taken. Upon the submission of such proceedings to the Attorney General, the Attorney General shall examine into and pass upon the validity of such bonds and the regularity of all proceedings in connection therewith. If the proceedings conform to the provisions of NRS 315.140 to 315.7813, inclusive, and are otherwise regular in form, and if such bonds when delivered and paid for will constitute binding and legal obligations of the authority enforceable according to the terms thereof, the Attorney General shall certify in substance upon the back of each of the bonds that it is issued in accordance with the Constitution and laws of the State of Nevada.
[24:253:1947; 1943 NCL § 5470.24]—(NRS A 1975, 20; 1977, 1189)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.760 - Housing authority bonds: Authorized investments.

1. The State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, investment companies, insurance companies, insurance associations and other persons carrying on a banking or insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority created by or pursuant to NRS 315.140 to 315.7813, inclusive, or issued by a public housing authority or agency in the United States, when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States Government or any agency thereof, and such bonds and other obligations are authorized security for all public deposits, and are fully negotiable in this state; it being the purpose of the Housing Authorities Law of 1947 to authorize any of the foregoing to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension, and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations; but nothing contained in NRS 315.140 to 315.7813, inclusive, is construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
2. The provisions of the Housing Authorities Law of 1947 apply notwithstanding any restrictions on investments contained in other laws.
[17:253:1947; 1943 NCL § 5470.17]—(NRS A 1975, 20; 1977, 1189)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.770 - Remedies of authority’s obligee.

An obligee of an authority has the right in addition to all other rights which may be conferred on such obligee, subject only to any contractual restrictions binding upon such obligee:
1. By mandamus, suit, action, or proceeding at law or in equity to compel the authority or its officers, agents or employees to perform each and every term, provision and covenant contained in any contract of the authority with or for the benefit of such obligee, and to require the carrying out of any or all such covenants and agreements of the authority and the fulfillment of all duties imposed upon the authority by the Housing Authorities Law of 1947.
2. By suit, action or proceeding in equity, to enjoin any acts or things which may be unlawful, or the violation of any of the rights of such obligee of the authority.
[15:253:1947; 1943 NCL § 5470.15]—(NRS A 1977, 1189)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.780 - Additional remedies conferrable by authority on obligee.

By its resolution, trust indenture, mortgage, lease or other contract, an authority may confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:
1. To cause possession of any housing project or any part thereof to be surrendered to any such obligee.
2. To obtain the appointment of a receiver of any housing project of the authority or any part thereof and of the rents and profits therefrom. If the receiver be appointed, he or she may enter and take possession of such project or any part thereof and operate and maintain it, collect and receive all fees, rents, revenues or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.
3. To require the authority to account as if it were the trustees of an express trust.
[16:253:1947; 1943 NCL § 5470.16]—(NRS A 1977, 1190)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.7805 - Formation.

1. In a county whose population is 700,000 or more, any two or more authorities may form a regional authority.
2. To form a regional authority as described in subsection 1, the governing body of the county and the governing body of each city and town located within the county that desires to participate in the regional authority shall adopt a resolution setting forth:
(a) The intent to regionalize some or all of their powers;
(b) A reference to the development of a plan for transitioning to a regional authority;
(c) The geographic scope of the regional authority; and
(d) Such other matters as the governing bodies determine to be necessary or advisable.
3. If the formation of a regional authority pursuant to this section involves fiscal matters, the ownership of real property or the consolidation of functions, the governing bodies who form the regional authority shall, in consultation with the United States Department of Housing and Urban Development, resolve such matters by written contract, agreement or other arrangement entered into by those governing bodies.
(Added to NRS by 2009, 2222; A 2011, 1212)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.7811 - Additional powers.

A regional authority may, in addition to exercising the powers set forth in NRS 315.440 and 315.460 and any other relevant provisions of this chapter:
1. Jointly, or with another authority, exercise any powers, privileges and rights that are exercised or capable of being exercised by a local housing agency of this State; and
2. Exercise such other powers as the governing bodies of the local governments that formed the regional authority may agree upon.
(Added to NRS by 2009, 2224)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.7813 - Reservation or nomination of land from Bureau of Land Management prohibited; exception.

A regional authority may not request a reservation or nomination of land from the Bureau of Land Management unless the governing body of the jurisdiction within which the applicable land of the Bureau is located adopts a resolution of approval.
(Added to NRS by 2009, 2224)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.961 - Policy of State; findings and declarations.

1. It is the policy of this State to promote the health, welfare and safety of its residents and to develop more desirable neighborhoods and alleviate poverty in the counties, cities and towns of the State by making provision for decent, safe and sanitary housing facilities for persons of low and moderate income.
2. It is hereby found and declared:
(a) That there is a shortage of safe and sanitary dwelling accommodations in the rural areas of the State which are available to persons of low and moderate income, particularly senior citizens of low and moderate income, at rentals or prices they can afford;
(b) That the establishment and operation of a sufficient number of new local authorities to undertake housing projects on an individual basis in such counties and the cities and towns therein is not feasible at the present time due to geographic and economic circumstances;
(c) That the shortage of low-rent housing facilities in such counties can be partially remedied through state action by the establishment of a state housing authority having the power to undertake housing projects and make mortgage loans for residential housing; and
(d) That it is appropriate for such a state housing authority to issue obligations for the purpose of undertaking housing projects and providing mortgage loans for residential housing and to perform any other function authorized by NRS 315.961 to 315.99874, inclusive.
(Added to NRS by 1973, 615; A 2005, 220; 2021, 1568)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.962 - Definitions.

As used in NRS 315.961 to 315.99874, inclusive, unless the context otherwise requires, the words and terms defined in NRS 315.9625 to 315.976, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1973, 615; A 1987, 523; 2005, 220; 2021, 1089, 1568)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.963 - "Area of operation" defined.

"Area of operation" means any area of the State which is not included within the corporate limits of a city or town having a population of 150,000 or more.
(Added to NRS by 1973, 615; A 2005, 221; 2011, 1213)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.965 - "Bonds" defined.

"Bonds" means any bonds, notes, interim certificates, debentures or other obligations issued by the Authority pursuant to the provisions of NRS 315.961 to 315.99874, inclusive.
(Added to NRS by 1973, 615; A 1987, 523; 2005, 221)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.969 - "Housing project" defined.

1. "Housing project" means any work or undertaking:
(a) To demolish, clear or remove buildings from any area acquired by the Authority or a business entity;
(b) To provide decent, safe and sanitary rural dwellings, apartments or other living accommodations primarily for persons of low and moderate income, including, without limitation, affordable housing. Such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, utilities, parks, site preparation, landscaping, administrative, health, recreational, welfare or other purposes; or
(c) To accomplish a combination of the foregoing.
2. "Housing project" also may be applied to the planning of the buildings and improvements, the acquisition of property or the management of property, including, without limitation, the leasing of property, the demolition of existing structures, the construction, reconstruction, alteration and repair of the improvements and all other work in connection therewith.
3. The term includes the acquisition or development of mobile home parks and facilities, the leasing or rental of mobile home lots in the park, or the purchase, leasing or rental of mobile homes.
(Added to NRS by 1973, 616; A 1983, 971; 2005, 221; 2021, 1089)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.972 - "Obligee" defined.

"Obligee" includes any bondholder, agent or trustee for any bondholder, or lessor demising to the Authority property used in connection with a housing project, or any assignee or assignees of such lessor’s interest or any part thereof, and the Federal Government when it is a party to any contract with the Authority.
(Added to NRS by 1973, 616)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.977 - Creation of Authority; appointment of commissioners; quorum; majority vote required to carry question.

1. The Nevada Rural Housing Authority, consisting of five commissioners, is hereby created.
2. The commissioners must be appointed as follows:
(a) Two commissioners must be appointed by the Nevada League of Cities.
(b) Two commissioners must be appointed by the Nevada Association of Counties.
(c) One commissioner must be appointed jointly by the Nevada League of Cities and the Nevada Association of Counties. This commissioner must be a current recipient of assistance from the Authority and must be selected from a list of at least five eligible nominees submitted for this purpose by an organization which represents tenants of housing projects operated by the Authority. If no such organization exists, the commissioner must be selected from a list of nominees submitted for this purpose from persons who currently receive assistance from the Authority. If during his or her term the commissioner ceases to be a recipient of assistance, the commissioner may continue to serve as a commissioner for the remainder of the unexpired term for which he or she was appointed if he or she resides within the area of operation of the Authority.
3. After the initial terms, the term of office of a commissioner is 4 years or until his or her successor takes office.
4. A majority of the commissioners constitutes a quorum, and a vote of the majority is necessary to carry any question.
5. If either of the appointing entities listed in subsection 2 ceases to exist, the pertinent appointments required by subsection 2 must be made by the successor in interest of that entity or, if there is no successor in interest, by the other appointing entity.
(Added to NRS by 1973, 616; A 1977, 1190; 1987, 523; 1993, 1553; 1995, 812, 2695, 2696; 1997, 450; 2011, 1378)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.978 - Certificate of appointment or reappointment of commissioner: Filing.

A certificate of the appointment or reappointment of any commissioner shall be filed in the Office of the Secretary of State and in the Office of the Authority, and such certificate is conclusive evidence of the appointment of such commissioner.
(Added to NRS by 1973, 617; A 1977, 1191)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.979 - Organization of Authority: Officers; bylaws and rules; employees; report and recommendations.

1. As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a Chair and Vice Chair and by adopting bylaws and rules and regulations suitable to the purpose of organizing the Authority and conducting the business thereof.
2. The commissioners shall appoint an Executive Director and such other officers and employees as the Authority may require for the performance of its duties. The commissioners shall prescribe the duties of each officer and employee, fix their salaries, and establish the terms and conditions of their employment.
3. At least once a year, the Authority shall submit to the Nevada League of Cities, the Nevada Association of Counties, and the governing body of each city and county in its area of operation a report of its activities for the preceding year and shall make recommendations with reference to such additional legislation or other actions as it deems necessary to carry out the purposes of NRS 315.961 to 315.99874, inclusive.
(Added to NRS by 1973, 617; A 1985, 414; 1987, 523; 1995, 812; 2005, 221)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.981 - Conflicts of interest.

1. A commissioner or employee of the Authority shall not voluntarily acquire any interest, direct or indirect, except as a residential tenant, in any housing project, in any property included or planned to be included in any housing project, in any contract or proposed contract in connection with any housing project or in any mortgage loan for residential housing made pursuant to the provisions of NRS 315.9983. Where the acquisition is not voluntary, the commissioner or employee shall immediately disclose the interest in writing to the Authority and the disclosure must be entered upon the minutes of the Authority. Upon disclosure, the commissioner or employee shall not participate in any action by the Authority involving the housing project, property, contract or mortgage loan for residential housing. If any commissioner or employee of the Authority previously owned or controlled an interest, direct or indirect, in any housing project or in any property included or planned to be included in any housing project, in any contract or proposed contract in connection with any housing project or in any mortgage loan for residential housing, he or she shall immediately disclose the interest in writing to the Authority and the disclosure must be entered upon the minutes of the Authority. Upon disclosure, the commissioner or employee shall not participate in any action by the Authority involving the housing project, property, contract or mortgage loan for residential housing.
2. A violation of any provision of this section constitutes malfeasance in office.
3. This section is not applicable to the acquisition of any interest in notes or bonds of the Authority or the execution of agreements by financial institutions for the deposit or handling of money in connection with a housing project or to act as trustee under any trust indenture.
(Added to NRS by 1973, 617; A 1975, 933; 1977, 1112; 1995, 2695; 1999, 1469; 2005, 222)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.982 - Removal of commissioners; filling of vacancy in office.

A commissioner of the Authority may be removed from office, after a public hearing, by a majority vote of the other commissioners for neglect of duty or malfeasance in office. A vacancy in office must be filled for the remainder of the unexpired term by the entity or entities which appointed the commissioner.
(Added to NRS by 1973, 618; A 1995, 812)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.983 - Nature and functions; general powers; creation of business entity for development, operation or management of housing projects.

1. Except as otherwise provided in NRS 354.474 and 377.057, the Authority:
(a) Shall be deemed to be a public body corporate and politic, and an instrumentality, local government and political subdivision of the State, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out the purposes and provisions of NRS 315.961 to 315.99874, inclusive, but not the power to levy and collect taxes or special assessments.
(b) Is not an agency, board, bureau, commission, council, department, division, employee or institution of the State.
2. The Authority may:
(a) Sue and be sued.
(b) Have a seal.
(c) Have perpetual succession.
(d) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers.
(e) Deposit money it receives in any insured state or national bank, insured credit union, insured savings and loan association or insured savings bank, or in the Local Government Pooled Long-Term Investment Account created by NRS 355.165 or the Local Government Pooled Investment Fund created by NRS 355.167.
(f) Adopt bylaws, rules and regulations to carry into effect the powers and purposes of the Authority.
(g) Create a business entity which has as its principal purpose the development, operation or management of housing projects. The Authority or any business entity created by the Authority pursuant to this paragraph may hold an ownership interest in a business entity created pursuant to this paragraph and participate in matters of corporate governance for that business entity.
(h) Enter into agreements or other transactions with, and accept grants from and cooperate with, any governmental agency or other source in furtherance of the purposes of NRS 315.961 to 315.99874, inclusive.
(i) Enter into an agreement with a local government within the area of operation of the Authority to receive a loan of money from the local government in accordance with NRS 354.6118.
(j) Acquire real or personal property or any interest therein, by gift, purchase, foreclosure, deed in lieu of foreclosure, lease, option or otherwise.
(Added to NRS by 1973, 618; A 1987, 524; 1995, 813; 1997, 450; 2005, 222; 2011, 1378; 2021, 1090, 1568)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9835 - Area of operation.

1. The Authority may:
(a) Except as otherwise provided in paragraph (b), operate in any area of the State which is not included within the corporate limits of a city or town having a population of 150,000 or more.
(b) Provide services in any area of the State if the Authority has contracted with the State or a local government to provide those services in that area. As used in this paragraph, "services" does not include:
(1) The making of a mortgage loan pursuant to NRS 315.9981 to 315.99874, inclusive;
(2) The issuance of a mortgage credit certificate;
(3) The issuance of bonds to finance a multifamily housing project;
(4) The allocation of a low-income housing tax credit; or
(5) Weatherization other than an assessment or inspection of property for weatherization.
2. As used in this section, "weatherization" means materials or measures, and their installation, that are used to improve the thermal efficiency of a building, facility, residence or structure.
(Added to NRS by 2005, 212; A 2011, 1213, 1379)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.984 - Powers of Authority concerning housing projects and low-rent housing.

1. The Authority may, within its area of operation, prepare, carry out, operate and otherwise manage housing projects and provide for the construction, reconstruction, improvement, extension, alteration or repair of any such project or any part thereof.
2. The Authority may, within its area of operation, administer programs to subsidize that portion of a tenant’s rental payments which represents the difference between the payment required in the lease and the amount paid under any program of the Federal Government.
3. The Authority may, within its area of operation, determine where there is a need for additional low-rent housing for persons of low and moderate income and where there is unsafe, insanitary or overcrowded housing.
4. The Authority may, within its area of operation, make studies and recommendations relating to the problems of relieving the shortage of low-rent housing and of eliminating unsafe, insanitary or overcrowded housing.
5. The Authority may, within its area of operation, cooperate with the Federal Government, state agencies, local authorities, counties, cities, towns and other political subdivisions of the State in action taken in connection with such problems.
(Added to NRS by 1973, 618; A 1987, 524; 1995, 813; 1997, 451; 2005, 223; 2021, 1091)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.98425 - Powers of business entity concerning housing projects; inapplicability of Open Meeting Law to meetings of business entity.

1. A business entity may:
(a) Within the area of operation of the Authority:
(1) Prepare, carry out, operate and otherwise manage housing projects; and
(2) Provide for the construction, reconstruction, improvement, extension, alteration or repair of any such project or any part thereof.
(b) Enter into a public-private partnership to finance a housing project.
(c) Construct or operate a housing project for profit.
2. The meetings of a business entity are not subject to the provisions of chapter 241 of NRS.
(Added to NRS by 2021, 1089)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.988 - Powers of Authority under Housing Authorities Law of 1947.

1. The Authority may exercise all or any part or combination of the powers granted to local authorities in NRS 315.450, 315.460 and 315.470 in connection with contracts, property, investments and related matters.
2. The provisions of NRS 315.560 and 315.570 concerning powers of local authorities with respect to federal aid, housing in rural areas and related matters apply to the Authority in the same manner and to the same extent as they apply to local authorities.
(Added to NRS by 1973, 619; A 1985, 271; 1987, 525; 2005, 223)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.990 - Payments in lieu of taxes.

The Authority or a business entity, as applicable, shall agree with the governing body of each affected city, town, county or other political subdivision to make such payments in lieu of taxes as it finds consistent with the achievement of the purposes of NRS 315.961 to 315.99874, inclusive, including, without limitation, the development, operation and management of affordable housing.
(Added to NRS by 1973, 619; A 1987, 525; 2005, 223; 2021, 1091)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.992 - Exemption of property from execution, process and judgment lien; enforcement of certain encumbrances, pledges and liens.

1. Except as otherwise provided in subsection 2, all real and personal property of the Authority, including money, owned or held by it for the purposes of NRS 315.961 to 315.99874, inclusive, are exempt from levy and sale by virtue of an execution or other judicial process. Execution or other judicial process may not issue against such property, nor may any judgment against the Authority be a charge or lien upon such property.
2. This section does not apply to or limit the right of obligees to foreclose or otherwise enforce any mortgage, deed of trust or other encumbrance of the Authority or the right of obligees to pursue any remedies for the enforcement of any pledge or lien given by the Authority on its rents, fees or revenues.
(Added to NRS by 1973, 619; A 1987, 525; 2005, 224)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.993 - Projects not to be constructed or operated for profit by Authority; fixing of rentals or payments.

1. The Authority shall not construct or operate any housing project for profit.
2. The Authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals or payments for dwelling accommodations at low rates consistent with its providing decent, safe and sanitary dwelling accommodations for persons of low and moderate income.
3. The Authority shall fix the rentals or payments for dwellings in its housing projects at no higher rates than are necessary to produce revenue which, together with all other available money, revenue, income and receipts of the Authority from whatever sources derived, will be sufficient:
(a) To pay, as it becomes due, the principal and interest on the bonds of the Authority.
(b) To create and maintain such reserves as may be required to assure the payment of principal and interest as it becomes due on its bonds.
(c) To meet the cost of, and to provide for, maintaining and operating the housing projects, including necessary reserves therefor and the cost of any insurance, and the administrative expenses of the Authority.
(d) To make such payments in lieu of taxes as it determines are consistent with the maintenance of the low-rent character of the housing projects.
4. For the purposes of this section, a housing project constructed or operated by the Authority that is eligible for credit for low-income housing pursuant to 26 U.S.C. § 42 is not constructed or operated for profit.
5. Nothing in this section shall be construed to:
(a) Prohibit a business entity from taking any action authorized by NRS 315.98425; or
(b) Impose restrictions on a business entity taking any action authorized by NRS 315.98425.
(Added to NRS by 1973, 620; A 1995, 813; 1997, 451; 2005, 224; 2021, 1091)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.994 - Tenant selection.

1. In the operation or management of its housing projects, the Authority shall at all times observe the following duties with respect to rentals and tenant admissions:
(a) It may rent or lease the dwelling accommodations therein only to persons of low and moderate income.
(b) It may rent or lease to a tenant dwelling accommodations consisting of the number of rooms, but no greater number, which it deems necessary to provide safe and sanitary accommodations to the proposed occupants thereof, without overcrowding.
(c) It shall not accept any person or persons as tenants in any housing project if the person or persons who occupy the dwelling accommodations have, at the time of admission, an aggregate annual net income, less an exemption of $200 for each minor member of the family other than the head of the family and his or her spouse, in excess of 7 times the annual rental of the quarters to be furnished such person or persons; but the Authority may agree to conditions as to tenant eligibility or preference required by the Federal Government pursuant to federal law in any contract for financial assistance with the Authority. In computing the rental for this purpose of admitting tenants, there shall be included in the rental the average annual cost, as determined by the Authority, to occupants of heat, water, electricity, gas, cooking fuel, and other necessary services or facilities, whether or not the charge for such services and facilities is included in the rental.
2. The requirements of this section do not apply to a housing project developed, operated or managed by a business entity.
(Added to NRS by 1973, 620; A 2005, 224; 2021, 1092)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9943 - Tenant eligibility: Money deposited in individual development account not considered income.

The Authority shall not consider money deposited in an individual development account pursuant to NRS 422A.493 by a tenant of a housing project operated by the Authority to be income for the purpose of determining whether the person is eligible to reside in the housing project under the provisions of NRS 315.994 or any regulations adopted by the Authority.
(Added to NRS by 2021, 1567)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9945 - Duty of Authority to ensure provision of instruction in financial literacy to tenant who deposits income in individual development account.

1. In addition to the training provided by the State Treasurer pursuant to paragraph (m) of subsection 1 of NRS 226.110, the Authority shall, to the extent that money is provided by the State Treasurer pursuant to NRS 422A.492 for that purpose, ensure that instruction in financial literacy is provided to a tenant who deposits a portion of his or her income in an individual development account pursuant to NRS 422A.493.
2. The Authority may contract for the services of an independent contractor to provide the instruction required by subsection 1.
(Added to NRS by 2021, 1567)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.995 - Remedies of Authority’s obligee: Effect of NRS 315.993 and 315.994.

Nothing contained in NRS 315.993 and 315.994 shall be construed as limiting the power of the Authority to vest in an obligee the right, in the event of a default by the Authority, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by such sections.
(Added to NRS by 1973, 620)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.996 - Powers of state public bodies respecting housing projects.

The provisions of NRS 315.550 apply to housing projects of the Authority undertaken pursuant to the provisions of NRS 315.961 to 315.99874, inclusive, in the same manner and to the same extent as they apply to projects of local authorities.
(Added to NRS by 1973, 620; A 1985, 271; 1987, 525)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9981 - Definitions.

As used in NRS 315.9981 to 315.99874, inclusive, unless the context otherwise requires, the words and terms defined in NRS 315.99815 to 315.99828, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2005, 211)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99815 - "Lending institution" defined.

"Lending institution" means any bank or trust company, Federal National Mortgage Association approved mortgage company, national banking association, savings and loan association, savings bank or other financial institution or governmental agency of the United States which customarily provides service or otherwise aids in the financing of mortgages located in this State.
(Added to NRS by 2005, 211; A 2017, 3097)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99818 - "Mortgage" defined.

"Mortgage" means a mortgage deed, deed of trust or other instrument which constitutes a lien on real property in fee simple or on a leasehold under a lease whose remaining term, at the time such mortgage is acquired, does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the Authority as necessary to protect its interest as mortgagee.
(Added to NRS by 2005, 211)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99825 - "Real property" defined.

"Real property" means all lands, including rights to space above the lands, improvements and fixtures on the lands and property of any nature appurtenant to or used in connection with the lands, and every estate, interest and right, legal or equitable, in the lands, including terms of years and liens by way of judgment, mortgage or otherwise and the indebtedness secured by such liens.
(Added to NRS by 2005, 211)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99828 - "Residential housing" defined.

"Residential housing" means one or more new or existing residential dwelling units financed pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, for the primary purpose of providing decent, safe and sanitary dwelling accommodations for persons of low and moderate income in need of housing, including any buildings, manufactured homes, mobile homes, mobile home parks, land, improvements, equipment, facilities, other real or personal property, or other related nonhousing facilities which are necessary, convenient or desirable in connection therewith, and including, without limitation, streets, sewers, utilities, parks, site preparation, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities which the Authority determines improve the quality of the residential living for persons of low and moderate income.
(Added to NRS by 2005, 212)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9983 - Mortgages and loans: Generally.

The Authority may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans to finance the acquisition, construction, development, renewal, redevelopment, rehabilitation or refinancing of residential housing, including, without limitation, single family and multifamily housing, within this State.
(Added to NRS by 2005, 212)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99834 - Mortgages and loans: Related powers.

The Authority may:
1. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default;
2. Waive any default or consent to the modification of the terms of any mortgage;
3. Commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement;
4. Bid for and purchase property upon which it holds a mortgage at any foreclosure or at any other sale, or acquire and take possession of any such property;
5. Operate, manage, lease, dispose of and otherwise deal with such property in such manner as may be necessary to protect the interest of the Authority and the holders of its bonds, notes and other obligations; and
6. Consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the Authority is a party, subject to any agreement with bondholders or noteholders.
(Added to NRS by 2005, 212)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9984 - Findings necessary for financing.

The Authority shall not finance any residential housing unless, before such financing, the Authority finds that:
1. There exists a shortage of decent, safe and sanitary housing at rentals or prices which eligible families can afford within the general housing market area as determined by the Authority.
2. Private enterprise and investment have been unable, without assistance, to provide an adequate supply of decent, safe and sanitary housing in such housing market area at rentals or prices which persons or families of low and moderate income can afford or to provide sufficient mortgage financing for residential housing for occupancy by such persons or families.
3. The proposed residential housing will increase the supply or improve the quality of decent, safe and sanitary housing for eligible families.
4. The residential housing to be developed or assisted by the Authority pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, will be of public use and will provide a public benefit.
5. The estimates of the Authority of its revenues from the financing of the residential housing, together with all subsidies, grants or other financial assistance from governmental agencies or other entities to be received in connection with the residential housing, will be sufficient to pay the amount estimated by the Authority as necessary for debt service on its notes and bonds to be issued for the financing of the residential housing.
(Added to NRS by 2005, 213)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99842 - Notes, bonds and other obligations: Issuance; amounts; payment.

1. The Authority may issue its negotiable notes and bonds in such principal amount as the Authority determines to be necessary to provide sufficient money for achieving any of its statutory purposes, including the payment of interest on notes and bonds of the Authority, establishment of bond reserve funds and other reserves to secure the notes and bonds, and all other expenditures of the Authority necessary or convenient to carry out its statutory purposes and powers.
2. Subject to any agreements with holders of notes or bonds, all notes and bonds issued by the Authority are special obligations of the Authority payable out of any revenues, money or other assets of the Authority pledged thereto.
(Added to NRS by 2005, 213)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99844 - Notes, bonds and other obligations: Type; interest; sale.

The bonds issued pursuant to NRS 315.99842 may be issued as serial bonds payable in annual installments or as term bonds, or as a combination thereof. The notes and bonds must bear interest at such a rate or rates, be in such denominations, have such registration privileges, be executed in such a manner, be payable in such a medium of payment, at such a place or places within or outside of the State, and be subject to such terms of redemption as the Authority determines. The notes and bonds of the Authority may be sold by the Authority at public or private sale at such a price or prices as the Authority determines except that no note, bond or other obligation issued by the Authority may be initially distributed to the public unless it has received a rating in one of the three highest rating categories from a national rating service.
(Added to NRS by 2005, 213)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99848 - Notes, bonds and other obligations: Trust indentures.

In the discretion of the Authority, bonds issued by the Authority may be secured by a trust indenture or trust indentures by and between the Authority and a corporate trustee, which may be any trust company or bank having the power of a trust company within or outside this State. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the exercise of its statutory powers and the custody, safeguarding and application of all money. The Authority may provide by such trust indenture for the payment of the proceeds of the bonds and the revenues to the trustee under such trust indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the Authority may determine. All expenses incurred in carrying out such trust indenture may be treated as part of the operating expenses of the Authority. Such trust indenture may limit or abrogate the right of the holders of any bonds, notes or other obligations of the Authority to appoint a trustee under NRS 315.9981 to 315.99874, inclusive, or limit the rights, powers and duties of such trustee.
(Added to NRS by 2005, 215)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.9985 - Notes, bonds and other obligations: Guarantees of payment.

The Authority may procure or agree to the procurement of insurance or guarantees from any governmental agency or from any private insurance company, of the payment of any bonds or notes or any other evidences of indebtedness thereof issued by the Authority or by any lending institution, and may pay premiums on such insurance.
(Added to NRS by 2005, 215)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99852 - Notes, bonds and other obligations: Redemption; remarketing or refunding.

1. The Authority, subject to such agreements with noteholders or bondholders as may then exist, may, out of any money available therefor, purchase its notes or bonds to retire and cancel them. The price must not exceed:
(a) The redemption price then applicable plus accrued interest to the next interest payment thereon if the notes or bonds are then redeemable; or
(b) The redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date if the notes or bonds are not redeemable.
2. The Authority may, in connection with any remarketing or refunding of its notes or bonds or for any of its purposes, acquire, or cause to be acquired, its notes or bonds without retiring and cancelling them.
(Added to NRS by 2005, 215)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99854 - Notes, bonds and other obligations: Provision for or requirement of means of assuring repayment; payment of associated fees and costs.

The Authority may:
1. Provide that any bonds or notes issued by the Authority be insured or be secured by surety bonds, letters of credit not issued by the Authority, guaranties or other means of assuring repayment of such bonds or notes.
2. Require that any loans, including a mortgage loan, made or purchased by the Authority be insured or be secured by surety bonds, letters of credit not issued by the Authority, guaranties or other means of assuring repayment of such loans.
3. Pay the fees, charges, premiums and any other costs associated with obtaining and maintaining insurance, or other means of assuring repayment, from any available money of the Authority, including premiums, fees and charges assessed against sponsors, lending institutions or other participants or beneficiaries of the programs of the Authority.
(Added to NRS by 2005, 215)
2023 Nevada Revised Statutes › Chapter 315 - Housing Authorities › NRS 315.99856 - Notes, bonds and other obligations: Waiver of exemption of interest from federal income taxation; issuance of obligations not exempt from taxation.

The Authority may:
1. Waive, by such means as the Authority deems appropriate, any exemption from federal income taxation of interest on the bonds, notes or other obligations of the Authority provided by 26 U.S.C. §§ 141 to 149, inclusive, and related portions of the Internal Revenue Code or any succeeding code or other federal statute providing a similar exemption; or
2. Issue notes, bonds or other obligations, the interest on which is not exempt from federal income taxation or excluded from gross revenue for the purpose of federal income taxation, if necessary to carry out the purposes of NRS 315.961 to 315.99874, inclusive.
(Added to NRS by 2005, 216)