reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.620 - Revolving fund: Establishment; sources.

1. At any time after it has adopted a resolution declaring that there is need for an agency to function in the community, the legislative body may establish a redevelopment revolving fund to be kept in the treasury of the community.
2. For the purpose of raising money to be deposited in such fund, the legislative body may appropriate money or the community may issue and sell general obligation bonds.
(Added to NRS by 1959, 666)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.622 - Issuance and sale of general obligation bonds: Purposes; amount authorized.

1. The community may also issue and sell its general obligation bonds for the purpose of providing funds with which to redeem before maturity, retire at maturity, or purchase agency bonds issued under NRS 279.634 to 279.672, inclusive. General obligation bonds issued pursuant to this section may be authorized and issued in a principal amount sufficient to provide funds for the payment of any or all of the following:
(a) The principal amount of agency bonds proposed to be so redeemed, retired or purchased.
(b) The estimated amount of any premiums required to be paid in connection with the redemption or purchase of such agency bonds.
(c) The estimated amount of any due and unpaid interest or accrued interest on such agency bonds which must be paid at the time the same are redeemed, retired or purchased.
(d) The estimated amount of all expenses incidental to or connected with the redemption, retirement or purchase of such agency bonds and the authorization, issuance and sale of such general obligation bonds.
2. All agency bonds redeemed, retired or purchased with the proceeds of such general obligation bonds shall be cancelled and may not be reissued.
(Added to NRS by 1959, 666)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.624 - Agreement with respect to amount of general obligation bonds where plan contains provision authorized by NRS 279.676.

If the redevelopment plan contains the provision authorized by NRS 279.676, the agency and the legislative body of the community may, either before or after the authorization of general obligation bonds for the purposes permitted by NRS 279.622, enter into an agreement that the principal amount of any such general obligation bonds sold for such purposes, together with all interest which the community may pay thereon, shall constitute a loan by the community to the agency for the purpose of refinancing the redevelopment project, and that, subject to any prior pledge of or claim upon the moneys in the special fund provided for in NRS 279.676, the moneys accruing to such special fund are irrevocably pledged to the repayment of such loan until there has been repaid to the community from time to time from such special fund the principal amount of such general obligation bonds plus all interest which the community may pay thereon, less such part, if any, of the proceeds of such general obligation bonds which were not used for such purposes, and less any premiums and accrued interest received by the community upon the sale of such general obligation bonds.
(Added to NRS by 1959, 666)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.625 - Special election may be held only if emergency exists.

1. For the purposes of NRS 279.626 and 279.636, a special election may be held only if the legislative body of the community determines, by a unanimous vote, that an emergency exists.
2. The determination made by the legislative body is conclusive unless it is shown that the legislative body acted with fraud or a gross abuse of discretion. An action to challenge the determination made by the legislative body must be commenced within 15 days after the legislative body’s determination is final.
3. As used in this section, "emergency" means any unexpected occurrence or combination of occurrences which requires immediate action by the legislative body to prevent or mitigate a substantial financial loss to the community or to enable the legislative body to provide an essential service to the residents of the community.
(Added to NRS by 1993, 1048)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.626 - Issuance of general obligation bonds: Manner; limitations; exceeding limitation.

Except as otherwise provided in this chapter, any general obligation bonds issued by any community pursuant to NRS 279.620 to 279.632, inclusive, must be authorized and issued in the manner and within the limitations prescribed by law or the charter of the community for the issuance and authorization of the bonds for public purposes generally. Irrespective of any limitation as to the amount of general obligation bonds which may be issued, a community may issue the bonds for the purposes prescribed in NRS 279.620 to 279.632, inclusive, in excess of the limitation, in such amount as may be authorized by the voters of the community at any special, primary or general election if the community is a county, and at any special election or primary or general municipal election or primary or general state election, if the community is a city.
(Added to NRS by 1959, 666; A 1993, 1051)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.628 - Expenditures from revolving fund.

1. By resolution of the legislative body adopted by a majority vote any money in the redevelopment revolving fund may be expended from time to time for:
(a) The acquisition of real property in any redevelopment area.
(b) The clearance, aiding in relocation of occupants of the site and preparation of any redevelopment area for redevelopment.
2. By resolution of the legislative body adopted by a two-thirds vote, any money in the redevelopment revolving fund may be paid to the agency, upon such terms and conditions as the legislative body may prescribe for any of the following purposes:
(a) Deposit in a trust fund to be expended for the acquisition of real property in any redevelopment area.
(b) The clearance of any redevelopment area for redevelopment.
(c) Any expenses necessary or incidental to the carrying out of a redevelopment plan which has been adopted by the legislative body.
(d) For the provision of grants to pay the costs related to the improvement of educational facilities in the community, except for the cost of any regular expenses of such an educational facility.
(Added to NRS by 1959, 667; A 1985, 2078; 2011, 3747)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.630 - Sale or lease of property acquired from revolving fund: Minimum amount; redeposit of proceeds; approval of sale or lease.

1. No real or personal property, or any interest therein, acquired or constructed in whole or in part with money from the redevelopment revolving fund may be sold or leased for an amount less than its fair market value in accordance with any covenants and conditions governing that sale or lease, unless the agency finds that a sale or lease for a lesser consideration is necessary to effectuate the purposes of the redevelopment plan.
2. All money received by the agency from the sale, lease or encumbering of property acquired with money from the redevelopment revolving fund in excess of the money required to repay the loans and interest thereon authorized by this chapter must be redeposited in the fund.
3. If any property acquired in whole or in part from the redevelopment revolving fund is to be sold or leased by the agency, the sale or lease must be first approved by the legislative body by resolution adopted after public hearing. Notice of the time and place of the hearing must be published once in a newspaper of the community at least 1 week before the hearing. The resolution must be adopted by a majority vote unless the legislative body has provided by ordinance for a two-thirds vote for such purpose.
(Added to NRS by 1959, 667; A 1981, 763; 1985, 2078)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.632 - Abolition of revolving fund; transfer of money.

The legislative body of any community may abolish the redevelopment revolving fund whenever it finds that the purposes for which it was established have been accomplished. At the time of abolishing the fund, the legislative body shall transfer all money in it to the general obligation bond redemption fund and provide that all money thereafter to be deposited or redeposited in the redevelopment revolving fund shall be deposited in the general obligation bond redemption fund. Any surplus existing in the general obligation bond redemption fund after payment of principal and interest shall be transferred to the general fund of the community.
(Added to NRS by 1959, 667)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.636 - Types of bonds which agency may issue; additional security for bonds.

1. An agency may issue such types of bonds as it may determine, including bonds on which the principal and interest are payable:
(a) Exclusively from the income and revenues of the redevelopment projects financed with the proceeds of the bonds, or with those proceeds together with financial assistance from the State or Federal Government in aid of the projects.
(b) Exclusively from the income and revenues of certain designated redevelopment projects whether or not they were financed in whole or in part with the proceeds of the bonds.
(c) In whole or in part from taxes allocated to, and paid into a special fund of, the agency pursuant to the provisions of NRS 279.674 to 279.687, inclusive.
(d) From its revenues generally.
(e) From any contributions or other financial assistance from the State or Federal Government.
(f) From the proceeds of the surcharge imposed pursuant to NRS 244A.830.
(g) By any combination of these methods.
2. Any of the bonds may be additionally secured by a pledge of any revenue or by an encumbrance by mortgage, deed of trust or otherwise of any redevelopment project or other property of the agency or by a pledge of the taxes referred to in subsection 1.
3. Amounts payable in any manner permitted by this section may be additionally secured by a pledge of the full faith and credit of the community whose legislative body has declared the need for the agency to function. Such additional security may only be provided upon the approval of the majority of the voters voting on the question at a primary or general election or a special election called for that purpose. In its proposal to its voters the governing body shall define the area to be redeveloped, the primary source or sources of revenue first to be employed to retire the bonds and the maximum sum for which the city may pledge its full faith and credit in connection with the bonds to be issued for the project.
(Added to NRS by 1959, 668; A 1981, 314; 1993, 1052; 2011, 3341)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.638 - Liability on bonds; limitation of indebtedness.

1. Neither the members of an agency nor any persons executing the bonds are liable personally on the bonds by reason of their issuance.
2. Unless the full faith and credit of a community is pledged, the bonds and other obligations of any agency are not a debt of the community, the State or any of its political subdivisions and neither the community, the State nor any of its political subdivisions is liable on them, nor in any event shall the bonds or obligations be payable out of any funds or properties other than those of the agency; and such bonds and other obligations shall so state on their face. Unless the full faith and credit of a community is pledged, the bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
(Added to NRS by 1959, 668; A 1981, 315)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.640 - Authorization of bonds; sale.

1. The agency may authorize bonds by resolution. The resolution, trust indenture or mortgage must provide for:
(a) The issuance of the bonds in one or more series.
(b) The date the bonds will bear.
(c) The maturity dates of the bonds.
(d) The interest rate.
(e) The denomination of the bonds.
(f) Their form, either coupon or registered.
(g) The conversion or registration privileges carried by the bonds.
(h) The rank or priority of the bonds.
(i) The manner of their execution.
(j) The medium of payment.
(k) The place of payment.
(l) The terms of redemption with or without premium to which the bonds are subject.
2. The bonds may be sold at par, above par or below par in accordance with the provisions of NRS 350.2012 at a:
(a) Public sale held after notice is published at least once at least 5 days before the sale in a newspaper of general circulation published in the community, or, if there is none, in a newspaper of general circulation published in the county; or
(b) Private sale without any advertisement or public notice.
(Added to NRS by 1959, 668; A 1993, 260; 1995, 155)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.642 - Validity of bonds: Termination of office.

If any agency member or officer whose signature appears on bonds or coupons ceases to be such member or officer before delivery of the bonds, the signature of the member or officer is as effective as if the member or officer had remained in office.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.646 - Validity of bonds: Presumptions.

In any action or proceeding involving the validity or enforceability of any bonds or their security, any such bond reciting in substance that it has been issued by the agency to aid in financing a redevelopment project is conclusively deemed to have been issued for a redevelopment project and the project is conclusively deemed to have been planned, located and constructed pursuant to this chapter.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.648 - Issuance of bonds: Pledge of revenues; encumbrances of property.

An agency may:
1. Pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.
2. Encumber by mortgage, deed of trust or otherwise all or any part of its real or personal property, then owned or thereafter acquired.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.650 - Issuance of bonds: Limitations on further indebtedness and transactions.

An agency may covenant:
1. Against pledging all or any part of its rents, fees and revenues.
2. Against encumbering all or any part of its real or personal property, to which its right or title then exists or may thereafter come into existence.
3. Against permitting any lien on such revenues or property.
4. With respect to limitations on its right to sell, lease or otherwise dispose of all or part of any redevelopment project.
5. As to what other, or additional debts or obligations it may incur.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.652 - Issuance of bonds: Use of proceeds; lost or destroyed bonds; extension of time for payment; redemption.

An agency may:
1. Covenant as to the bonds to be issued, as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the bond proceeds.
2. Provide for the replacement of lost, destroyed or mutilated bonds.
3. Covenant against extending the time for the payment of its bonds or interest.
4. Redeem the bonds, covenant for their redemption, and provide the redemption terms and conditions.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.654 - Issuance of bonds: Rentals and revenues; special funds.

An agency may:
1. Covenant as to the consideration or rents and fees to be charged in the sale or lease of a redevelopment project, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to their use and disposition.
2. Create or authorize the creation of special funds for money held for redevelopment or other costs, debt service, reserves or other purposes, and covenant as to the use and disposition of such money.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.656 - Issuance of bonds: Abrogation or amendment of contracts with bondholders.

An agency may prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated; the amount of bonds whose holders are required to consent thereto, and the manner in which such consent may be given.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.658 - Issuance of bonds: Use and maintenance of property; insurance.

An agency may covenant:
1. As to the use of any or all of its real or personal property.
2. As to the maintenance of its real and personal property, its replacement, the insurance to be carried on it, and the use and disposition of insurance money.
(Added to NRS by 1959, 669)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.660 - Issuance of bonds: Effects of breach of covenants; events of default; waiver.

An agency may:
1. Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation.
2. Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations 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.
(Added to NRS by 1959, 670)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.662 - Power of agency to provide for powers and duties of bondholders’ trustee or bondholders.

An agency may:
1. Vest in a trustee or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.
2. Vest in a trustee the right, in the event of a default by the agency, to take possession of all or part of any redevelopment project, to collect the rents and revenues arising from it and to dispose of such money pursuant to the agreement of the agency with the trustee.
3. Provide for the powers and duties of a trustee and limit his or her liabilities.
4. Provide the terms and conditions upon which the trustee or the holders of bonds or any proportion of them may enforce any covenant or rights securing or relating to the bonds.
(Added to NRS by 1959, 670)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.664 - Power of agency to make additional covenants; additional powers.

An agency may:
1. Make covenants other than and in addition to the covenants expressly authorized of like or different character.
2. Make such covenants and do any and all such acts and things as may be necessary, convenient or desirable to secure its bonds, or, except as otherwise provided in this chapter, as will tend to make the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated in this chapter.
(Added to NRS by 1959, 670)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.666 - Rights of agency’s obligee.

An obligee, in addition to all other rights which may be conferred on the obligee, and subject only to any contractual restrictions binding upon the obligee may:
1. By mandamus, suit, action or proceeding, compel the agency and its members, officers, agents or employees to perform each and every term, provision and covenant contained in any contract of the agency with or for the benefit of the obligee, and require the carrying out of any or all such covenants and agreements of the agency and the fulfillment of all duties imposed upon it by this chapter.
2. By suit, action or proceeding in equity, enjoin any acts or things which may be unlawful, or the violation of any of the rights of the obligee.
(Added to NRS by 1959, 670)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.668 - Rights of agency’s obligee upon default.

By its resolution, trust indenture, mortgage, lease or other contract, an agency may confer upon any obligee holding or representing a specified amount in bonds, the following rights upon the happening of an event or default prescribed in such resolution or instrument, to be exercised by suit, action or proceeding in any court of competent jurisdiction:
1. To cause possession of all or part of any redevelopment project to be surrendered to any such obligee.
2. To obtain the appointment of a receiver of all or part of any redevelopment project of the agency and of the rents and profits from it. If a receiver is appointed, he or she may enter and take possession of the redevelopment project or any part of it, operate and maintain it, collect and receive all fees, rents, revenues or other charges thereafter arising from it, and shall keep such money in separate accounts and apply it pursuant to the obligations of the agency as the court shall direct.
3. To require the agency and its members and employees to account as if it and they were the trustees of an express trust.
(Added to NRS by 1959, 670)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.670 - Bonds, interest and income exempted from taxes; exceptions.

1. Except as otherwise provided in subsection 2, bonds issued pursuant to the provisions of this chapter are issued for an essential public and governmental purpose, and together with interest on them and income from them are exempt from all taxes.
2. The provisions of subsection 1 do not apply to the tax on estates imposed pursuant to the provisions of chapter 375A of NRS or the tax on generation-skipping transfers imposed pursuant to the provisions of chapter 375B of NRS.
(Added to NRS by 1959, 671; A 1989, 2107; 1991, 1712)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.672 - Bonds of agency as legal investments.

1. Notwithstanding any restrictions on investments contained in any laws, the State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, money or other funds belonging to them or within their control in any bonds or other obligations issued by an agency. Such bonds and other obligations are authorized security for all public deposits.
2. It is one of the purposes of this chapter to authorize any persons, firms, corporations, associations, political subdivisions, districts or other public agencies and officers, public or private, 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. This chapter does not relieve any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
(Added to NRS by 1959, 671; A 1983, 129)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.678 - Assessment and taxation of leased redeveloped property; provision in lease for lessee to pay taxes.

Whenever property in any redevelopment project has been redeveloped and thereafter is leased by the redevelopment agency to any person or persons or whenever the agency leases real property in any redevelopment project to any person or persons for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of the lessee’s leasehold interest.
(Added to NRS by 1959, 672)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.680 - Pledging portion of taxes for payment of principal and interest on loans, advances or indebtedness.

Except as otherwise provided in subsection 6 of NRS 279.676 and NRS 279.685 and 279.6855, in any redevelopment plan, or in the proceedings for the advance of money, or the making of loans, or the incurring of any indebtedness, whether funded, refunded, assumed or otherwise, by the redevelopment agency to finance or refinance, in whole or in part, the redevelopment project, the portion of taxes mentioned in paragraph (b) of subsection 1 of NRS 279.676 may be irrevocably pledged for the payment of the principal of and interest on those loans, advances or indebtedness.
(Added to NRS by 1959, 672; A 1981, 765; 1999, 3614; 2015, 3144)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.683 - Faith of State pledged not to impair securities.

The faith of the State is hereby pledged that this chapter, any law supplemental or otherwise pertaining thereto, and any other act concerning the bonds or other securities, taxes or the pledged revenues, or any combination of such securities, such taxes and such revenues will not be repealed or amended or otherwise directly or indirectly modified in such a manner as to impair adversely any outstanding bonds or securities until all such bonds and securities have been discharged in full or provision for their payment and redemption has been made fully, including, without limitation, the known minimum yield from the investment or reinvestment of money pledged therefor in federal securities.
(Added to NRS by 1999, 1090)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.687 - Limitations on use of money set aside for public educational activities, programs and facilities.

A school district shall not use any money received pursuant to subsection 6 of NRS 279.676, paragraph (b), (c) or (d) of subsection 1 of NRS 279.685 or NRS 279.6855 to reduce or supplant the amount of any money which the school district would otherwise expend for the purposes described in those provisions.
(Added to NRS by 2013, 2273; A 2015, 3144; 2017, 665)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.710 - Revolving loan account: Creation; investment; credit of interest and income; deposit of money; payment of claims; acceptance of gifts and grants.

1. Each legislative body shall create a revolving loan account in the treasury of the community. The account must be administered by the agency.
2. The money in a revolving loan account created pursuant to this section must be invested as money in other accounts in the treasury of the community is invested. All interest and income earned on the money in a revolving loan account must be credited to the account. Any money remaining in a revolving loan account at the end of a fiscal year does not revert to the general fund of the community, and the balance in the account must be carried forward.
3. All payments of principal and interest on loans made to a small business from a revolving loan account must be deposited with the treasurer of the community for credit to the account.
4. Claims against a revolving loan account must be paid as other claims against the agency are paid.
5. An agency may accept gifts, grants, bequests and donations from any source for deposit in the revolving loan account.
(Added to NRS by 2013, 796)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.720 - Revolving loan account: Authorized uses of money in account; limitation.

1. After deducting the costs directly related to administering a revolving loan account created pursuant to NRS 279.710, an agency may use the money in the account, including repayments of principal and interest on loans made from the account, and interest and income earned on money in the account, only to make loans at or below market rate to small businesses located within the redevelopment area or persons wishing to locate or relocate a new small business in the redevelopment area for the costs incurred:
(a) In expanding or improving an existing small business, including, without limitation, costs incurred for remodeling; or
(b) In locating or relocating a small business in the redevelopment area.
2. The term of any loan that may be made from the revolving loan account must be 5 years or less.
(Added to NRS by 2013, 796)
2023 Nevada Revised Statutes › Chapter 279 - Redevelopment of Communities › NRS 279.730 - Application for loan; requirements of contract for loan; regulations.

1. A small business located in a redevelopment area or a person who wishes to locate or relocate a new small business in a redevelopment area may submit an application to the agency for a loan from the revolving loan account created pursuant to NRS 279.710. An application must include a written description of the manner in which the loan will be used.
2. An agency shall, within the limits of money available for use in the revolving loan account, make loans to small businesses and persons whose applications have been approved. If an agency makes a loan from the revolving loan account, the agency shall ensure that the contract for the loan includes all terms and conditions for repayment of the loan.
3. Each agency:
(a) Shall adopt regulations that prescribe:
(1) The process by which a small business may submit to the agency an application for a loan from the revolving loan account;
(2) The criteria for eligibility for a loan from the revolving loan account;
(3) The contents of an application for a loan from the revolving loan account, which must include, without limitation:
(I) A description of the business history of the applicant;
(II) A description of the income history of the applicant;
(III) A copy of the business plan of the applicant;
(IV) A description of the contributions of the applicant to the revitalization of the redevelopment area; and
(V) A statement of whether any money from the loan will be used by the applicant to maintain or create any jobs;
(4) The maximum amount of a loan which may be made from the revolving loan account;
(5) The rate of interest for loans made from the revolving loan account; and
(6) The collateral and security interest that a small business is required to provide as security for the loan, which must be an amount sufficient to allow the agency to recoup the amount of the loan made to a small business if the small business defaults on the loan.
(b) May adopt such other regulations as it deems necessary to carry out the provisions of NRS 279.700 to 279.730, inclusive.
(Added to NRS by 2013, 797)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.010 - Legislative findings and declarations.

The Legislature hereby finds and declares that:
1. There exists within the urban areas of this State a large number of deteriorated, substandard and unsanitary residential properties because of the inability of their owners, for whatever reason, to pay for their repair and maintenance;
2. These properties are a threat not only to the health, safety and well-being of the persons who occupy them but also to neighboring persons and property;
3. There is also a shortage of decent, safe and affordable housing for persons of low or moderate income and the counties and cities of this State have an obligation to encourage persons who own residential property to maintain that property in a decent, safe and sanitary condition;
4. It is in the public interest to encourage the preservation and maintenance of housing in this State for persons of low or moderate income, in order to improve their living conditions and, in doing so, to benefit the health, safety and welfare of the people of this State; and
5. The provisions of this chapter are in addition to, and do not abrogate or limit the application of, any other provisions of law granting to a county or city the authority to:
(a) Develop affordable housing; and
(b) Rehabilitate residential neighborhoods and individual properties within those neighborhoods.
(Added to NRS by 1987, 2203; A 2005, 1302)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.020 - Definitions.

As used in this chapter, unless the context otherwise requires:
1. "Affordable housing" has the meaning ascribed to it in NRS 278.0105.
2. "Agency" means an agency of a county or city established or designated to administer a program.
3. "Fund" means a revolving fund for loans for the rehabilitation of residential property.
4. "Governing body" means the governing body of a county or city.
5. "Program" means a program for the rehabilitation of residential neighborhoods established by a governing body pursuant to this chapter.
6. "Rehabilitation" includes structural improvements, landscaping and any other measure to improve the appearance of property or maintain property in a decent, safe and sanitary condition.
(Added to NRS by 1987, 2203; A 2019, 1413)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.030 - County or city may establish program; contents of ordinance.

1. The governing body of a county or city may adopt an ordinance establishing a program for the rehabilitation of residential neighborhoods in that county or city.
2. The ordinance must contain provisions:
(a) Establishing an agency, or designating an existing agency, of the county or city to administer the program.
(b) Creating a revolving fund for loans for the rehabilitation of residential property and designating the amount of the original allocation of money by the governing body for the fund.
(c) Providing the criteria and procedures for allocating additional money to the fund.
(d) Providing the maximum amount of a loan from the fund and the period and rate of interest of each loan.
(e) Setting forth the criteria for determining the eligibility of an applicant for a loan and of property for rehabilitation.
(f) Setting forth that, with respect to a residential property rehabilitated pursuant to this chapter, the monthly mortgage payment or monthly rent, as applicable, must not, during the term of any loan made pursuant to this chapter, exceed 50 percent of the gross monthly income of the household occupying the residential property.
(g) Establishing such other requirements for participation in the program as the governing body considers necessary.
(Added to NRS by 1987, 2204; A 2005, 1303)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.040 - Loan for rehabilitation: Qualifications.

1. An applicant for a loan for the rehabilitation of residential property must, at the time application is made:
(a) Be a natural person who:
(1) Is a resident of or an owner of residential property in the city or an unincorporated area of the county, as the case may be;
(2) Is a member of a household having a gross income of less than 120 percent of the median gross income for households of the same size residing in the same county or city, as applicable, as that percentage is defined by the United States Department of Housing and Urban Development, or rents residential property to such households;
(3) Owns and resides on or rents for residential purposes only the property for which the loan is sought;
(4) Has the financial resources to repay the loan in accordance with the terms of the agreement;
(5) Has the ability to complete the rehabilitation within a reasonable time and maintain the property in a decent, safe and sanitary condition; and
(6) Meets such other requirements as are imposed by the governing body; or
(b) Be an organization that:
(1) Is recognized as exempt pursuant to 26 U.S.C. § 501(c)(3) or 501(c)(4);
(2) Provides affordable housing to natural persons who meet the criteria set forth in subparagraphs (1) and (2) of paragraph (a); and
(3) Has the financial resources to repay the loan in accordance with the terms of the agreement.
2. Any residential property for which a loan for rehabilitation is sought must be:
(a) Entirely situated within the boundaries of the city or within an unincorporated area of the county, as the case may be;
(b) Capable of rehabilitation within reasonable limits; and
(c) Subject to not more than two encumbrances.
(Added to NRS by 1987, 2204; A 2005, 1303; 2019, 1413)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.050 - Loan for rehabilitation: Duties of agency.

1. Upon receiving an application for a loan for the rehabilitation of residential property, the agency shall:
(a) Inspect the property to determine if rehabilitation of the property is feasible; and
(b) Determine the amount of the loan that the condition of the property justifies.
2. After inspection of the property, the agency shall interview the applicant or, if the applicant is an organization described in paragraph (b) of subsection 1 of NRS 279A.040, the representative of the organization, to determine if the applicant satisfies the criteria for eligibility for a loan and, if the applicant satisfies those criteria, the amount, terms and conditions of the loan.
3. The agency shall recommend to the governing body the amount of the loan, if any, and the terms and conditions of the loan.
(Added to NRS by 1987, 2204; A 2005, 1304)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.060 - Loan for rehabilitation: Evidenced by promissory note; agreement between county or city and natural person or organization to whom loan is made.

If the governing body approves the application for a loan, the loan must be:
1. Evidenced by a promissory note, the principal amount of which must be equal to the amount of the loan, secured by a mortgage on the property; and
2. Made pursuant to an agreement between the county or city and the natural person or organization to whom the loan is made, identifying the property, specifying the amount and period of, and rate of interest on, the loan and providing that:
(a) The property must be rehabilitated for decent, safe and sanitary residential use; and
(b) The rehabilitation must begin and be completed within a period determined by the governing body.
(Added to NRS by 1987, 2205; A 2005, 1304)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.070 - Duties of natural person or organization to whom loan is made; deferment of repayment of loan.

1. A natural person to whom a loan is made pursuant to this chapter shall:
(a) Maintain the property in a decent, safe and sanitary condition; and
(b) Reside, or have a member of his or her family reside, on the property.
2. An organization to which a loan is made pursuant to this chapter shall maintain the property in a decent, safe and sanitary condition.
3. If the natural person or organization to whom a loan is made is unable to repay in accordance with the established schedule, the governing body may defer, upon good cause shown, repayment of the amount of the loan until the sale of the rehabilitated property.
(Added to NRS by 1987, 2205; A 2005, 1305)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.080 - Agency to provide advice and technical assistance; access to property required; deficiencies in maintenance of property.

1. During the rehabilitation of the property, the agency shall provide such advice and technical assistance as may be reasonably requested.
2. The owner of the property shall permit representatives of the agency, the governing body and, if state or federal assistance is involved, the State or Federal Government, to have access to the property during normal business hours to ensure compliance with this chapter and with the provisions of the loan and agreement for rehabilitation.
3. If the agency discovers deficiencies in the maintenance of the property during any inspection, it shall advise the owner of the property in the proper methods of correcting those deficiencies.
(Added to NRS by 1987, 2205)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.100 - Preference to applicants with low income and applicants that are organizations which serve natural persons with low income; conditions.

If at any time the aggregate amount represented by pending applications from qualified applicants for loans for the rehabilitation of residential property exceeds the amount available in the fund, the governing body shall give preference to:
1. Applicants who are members of households having a gross income that is 50 percent or less of the median gross income for households of the same size within the same geographic area; and
2. Applicants that are organizations which serve natural persons described in subsection 1.
(Added to NRS by 1987, 2205; A 2005, 1305)
2023 Nevada Revised Statutes › Chapter 279A - Rehabilitation of Property in Residential Neighborhoods › NRS 279A.110 - Powers of governing body.

The governing body may:
1. Contract directly with a contractor for the rehabilitation of the property of a qualified applicant.
2. Establish a panel of contractors who have agreed to provide continuing maintenance at a discount to property rehabilitated pursuant to this chapter.
3. Use for the purposes of this chapter any money made available to it for housing for persons having low or moderate incomes under state or federal law, if permitted by the terms of the state or federal law.
4. Accept gifts, grants, loans and bequests of money for the purposes of this chapter.
(Added to NRS by 1987, 2206)
2023 Nevada Revised Statutes › Chapter 279B - Rehabilitation of Abandoned Residential Property › NRS 279B.010 - Legislative findings and declarations.

The Legislature hereby finds and declares that:
1. There exists within the urban areas of this State a large number of deteriorated, substandard and unsanitary residential properties which have been abandoned by their owners;
2. These properties are a threat to the health, safety and well-being of the persons occupying neighboring properties;
3. There is also a shortage of decent, safe and affordable housing for persons of low or moderate income and the counties and cities of this State have an obligation to provide such persons with an opportunity to obtain residential property;
4. It is in the public interest to encourage the preservation and maintenance of housing in this State for persons of low or moderate income, in order to improve their living conditions and, in doing so, to benefit the health, safety and welfare of the people of this State; and
5. The provisions of this chapter are in addition to, and do not abrogate or limit the application of, any other provisions of law granting to a county or city the authority to:
(a) Develop affordable housing; and
(b) Rehabilitate abandoned residential properties.
(Added to NRS by 1989, 189; A 2005, 1305)
2023 Nevada Revised Statutes › Chapter 279B - Rehabilitation of Abandoned Residential Property › NRS 279B.020 - Definitions.

As used in this chapter, unless the context otherwise requires:
1. "Abandoned residential property" means residential property which has been:
(a) Acquired by the governing body pursuant to the provisions of NRS 361.603 or subsection 3 of NRS 279B.100, or by a grant from the Federal Government, the state government or any political subdivision of the State;
(b) Declared to have been abandoned by the Federal Government, the state government or the governing body; and
(c) Determined by the governing body to be in need of rehabilitation because of its deteriorated, substandard or unsanitary condition.
2. "Affordable housing" has the meaning ascribed to it in NRS 278.0105.
3. "Agency" means an agency of a county or city established or designated to administer a program.
4. "Governing body" means the governing body of a county or city.
5. "Program" means a program for the rehabilitation of abandoned residential properties established by a governing body pursuant to this chapter.
6. "Rehabilitation" includes structural improvements, landscaping and any other measure to improve the appearance of property or maintain property in a decent, safe and sanitary condition.
(Added to NRS by 1989, 189; A 2019, 1414)
2023 Nevada Revised Statutes › Chapter 279B - Rehabilitation of Abandoned Residential Property › NRS 279B.030 - County or city may establish program; contents of ordinance.

1. The governing body of a county or city may adopt an ordinance establishing a program for the rehabilitation of abandoned residential properties in that county or city.
2. The ordinance must contain provisions:
(a) Establishing an agency, or designating an existing agency, of the county or city to administer the program;
(b) Setting forth the criteria for determining the eligibility of an applicant for the rehabilitation of abandoned residential property; and
(c) Establishing such other requirements for participation in the program as the governing body considers necessary.
(Added to NRS by 1989, 190)
2023 Nevada Revised Statutes › Chapter 279B - Rehabilitation of Abandoned Residential Property › NRS 279B.040 - Qualifications for rehabilitation.

1. An applicant for rehabilitation of abandoned residential property must, at the time application is made:
(a) Be a natural person who:
(1) Is a resident of the city or an unincorporated area of the county, as the case may be;
(2) Is a member of a household having a gross income of less than 120 percent of the median gross income for households of the same size residing in the same county or city, as applicable, as that percentage is defined by the United States Department of Housing and Urban Development;
(3) Intends to reside on the abandoned residential property for which the rehabilitation is sought;
(4) Has the financial resources to rehabilitate the abandoned residential property in accordance with the terms of the agreement;
(5) Has the ability to complete the rehabilitation within a reasonable time and maintain the property in a decent, safe and sanitary condition; and
(6) Meets such other requirements as are imposed by the governing body; or
(b) Be an organization that:
(1) Is recognized as exempt pursuant to 26 U.S.C. § 501(c)(3) or 501(c)(4);
(2) Provides affordable housing to natural persons who meet the criteria set forth in subparagraphs (1) and (2) of paragraph (a); and
(3) Has the financial resources to rehabilitate the abandoned residential property in accordance with the terms of the agreement.
2. Any abandoned residential property for which an application for the rehabilitation is sought must be:
(a) Entirely situated within the boundaries of the city or within an unincorporated area of the county, as the case may be;
(b) Capable of rehabilitation within reasonable limits; and
(c) Subject to not more than two encumbrances.
(Added to NRS by 1989, 190; A 2005, 1305; 2019, 1414)