reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.711 - Priorities for allocation of volume cap for projects

Current through June 11, 2024
1. Except as otherwise provided in this section, when allocating volume cap, the Division shall give priority to senior projects and special needs projects if the Division determines that there is a need for such projects.
2. A local government may establish a priority for the allocation of volume cap for projects proposed by the local government. If a local government has established a priority for allocation and if the Division has determined that it has sufficient volume cap for projects to supplement volume cap on all projects submitted by a local government, the Division shall apply the priority of the local government to all projects proposed by the local government when allocating volume cap to the projects of the local government. If the Division has determined that it does not have sufficient volume cap to supplement volume cap on all projects submitted by a local government, the Division:
(a) May give priority to senior projects or special needs projects; and
(b) Shall not finance family projects proposed by the local government until the Division has sufficient volume cap to supplement volume cap for those projects.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7115 - Prerequisites for project to receive volume cap from Division

Current through June 11, 2024
1. For a project to receive volume cap from the Division:
(a) The findings of the Administrator relating to the project must be approved by the State Board of Finance pursuant to chapter 319 of NRS; and
(b) The project must have the support of a local government as described in subsection 2.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.712 - Prerequisites for submission of project to State Board of Finance for approval

Current through June 11, 2024
The Division shall not submit a project to the State Board of Finance for approval unless the Division determines that:
1. For bonds which will be sold through:
(a) A private placement, the project has a preliminary commitment for direct purchase of the proposed loan or bonds from a commercial bank or institutional lender that has been approved by the Division; or
(b) A public sale, the Division has received preliminary evidence acceptable to the Division that the bonds will be assigned a rating of not less than A/A3 or an equivalent rating as determined by a nationally recognized statistical rating organization;
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7125 - Prerequisites required of sponsor to receive financing

Current through June 11, 2024
To receive financing from the Division for a project, the sponsor must:
1. Pay the application fee described in NAC 319.700;
2. Prove to the satisfaction of the Division that the project will comply with the provisions of NAC 319.600 to 319.790, inclusive; and
3. Submit the following documents, as applicable, to the Division:
(a) If the source of funding for the project is the sale of bonds through:
(1) A private placement, a letter stating a final commitment for direct purchase of the proposed loan or bonds from a commercial bank or institutional lender that has been approved by the Division; or
(2) A public sale, a letter from a nationally recognized statistical rating organization, stating a final confirmation that the bonds will be assigned a rating of not less than A/A3 or an equivalent rating as determined by that organization;
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.713 - Issuance of taxable and tax-exempt bonds; use of proceeds

Current through June 11, 2024
1. For a project approved by the Division, the Division may issue a combination of taxable and tax-exempt bonds.
2. Except as otherwise provided in this subsection, the proceeds of bonds issued pursuant to subsection 1 must be used to construct or permanently finance projects in this State with loan amounts on a single project from $100,000 to $30,000,000. The Administrator may waive the minimum or maximum loan amounts.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7135 - Percentage requirements of bonds

Current through June 11, 2024
1. The Division may require that up to 25 percent of the bonds issued for a project be taxable bonds.
2. The Division may impose a percentage requirement for a mixed-use project that is partially a senior project or a special needs project which is less than the percentage requirement for other types of projects.
3. As used in this section, "mixed-use project" means a project for housing for more than one demographic group, as determined by the Division.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.714 - Payment of cost of issuance of bonds

Current through June 11, 2024
1. Upon approval of a loan application by the Division, a sponsor must submit:
(a) If the application is for a new project, a down payment of $75,000 toward the cost of issuance of the bonds for the project; or
(b) If the application is for refinancing of an existing project, a deposit in an amount that is less than $75,000, as determined by the Division, toward the cost of issuance of the bonds for the project.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7145 - Review of contract for sale of land

Current through June 11, 2024
When determining whether to approve a loan application, the Division shall review the contract for the sale of land on which the project is to be built. If the contract reveals a high percentage markup of the cost of the land without documented improvements that add value, the Division may disapprove the application or decrease the amount of financing that it will provide by the amount of the markup that is disapproved by the Division.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.715 - Repealed

Current through June 11, 2024
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; R by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7155 - Amortization

Current through June 11, 2024
Except as otherwise provided in this section, financing which includes bonds with enhancement of credit or direct loans insured by the Federal Housing Administration, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation must have provisions for the terms of amortization and maturity consistent with the requirements of the applicable program of those agencies. Bonds which are rated by a nationally recognized statistical rating organization and bonds which are directly purchased by a commercial bank or institutional lender may have maximum terms of amortization and maturity of not more than 40 years following the completion of construction.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.716 - Prepayment

Current through June 11, 2024
All bond and loan documents for a project must contain provisions relating to prepayment and must provide for yield maintenance on issuer fees for at least the first 15 years.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7165 - Nonrecourse loans

Current through June 11, 2024
Permanent or nonconstruction loans on a project may be nonrecourse except for standard lender and issuer exceptions.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.717 - Conversion to nonrecourse financing

Current through June 11, 2024
With the approval of the Division, a project may convert to nonrecourse financing as determined by the credit enhancer, bond purchaser or applicable lender.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7175 - Property ownership; obligations unrelated to project

Current through June 11, 2024
Each project must be owned by a natural person or a single entity that is formed for the sole purpose of developing the project. The sponsor shall not encumber the project to secure any obligation unrelated to the project and may not provide in any bond, mortgage or loan document that a default on any obligation unrelated to the project is a default with respect to the project.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.718 - Debt service coverage

Current through June 11, 2024
Except as otherwise provided in this section, the projected ratio for debt service coverage for each project must be a minimum of 1.20:1.00. The Division may approve a projected ratio for a project which is enhanced by the Federal Housing Administration or another federal agency if the ratio is consistent with the criteria established by the applicable program of those agencies.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7185 - Escrow required of sponsor

Current through June 11, 2024
Each sponsor shall maintain tax, insurance, and repair and replacement escrows for the duration of the loan.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.719 - Loan to value percentage

Current through June 11, 2024
Except as otherwise provided in this section, each project must have a loan to value percentage of not more than 85 percent of the appraised value of the project for debt which is secured by a first lien and is issued by the Division. The Division may allow a loan to value percentage that exceeds 85 percent of the appraised value of the project if the Division , in its sole discretion, determines that a greater loan to value percentage is appropriate under the circumstances.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7195 - Subordinate financing

Current through June 11, 2024
A project may receive subordinate financing that is not bond or tax-credit financed, for up to 98 percent of the appraised value of the project if the subordinate financing is serviced by not more than 75 percent of projected available cash flow.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.721 - Regulatory agreement

Current through June 11, 2024
The sponsor of a project must enter a regulatory agreement with the Division. The Division shall file each regulatory agreement with the county recorder. A project must comply at all times with the regulatory agreement.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7215 - Display of sign concerning financing of project

Current through June 11, 2024
During construction and rent-up, a developer shall permit the Division to display a sign on the site of the project that states in effect that the project is financed by the Division.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.722 - Profit and overhead for developer; maximum interest rate on deferred note

Current through June 11, 2024
1. The amount of the fee for a developer on a project, excluding any potential profits that the developer anticipates earning by participating as a general partner in the partnership of borrowers:
(a) Is limited to a maximum of 15 percent of the basis of the project that is eligible for tax credit; and
(b) Must be identified in the document described in paragraph (c) of subsection 3 of NAC 319.7125.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.7225 - Profit and overhead for contractor

Current through June 11, 2024
The maximum amount of profit and overhead for a contractor on a project is limited to 14 percent of profits on improvements. Such profit and overhead must be paid on the basis of percentage of completion.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.723 - Assumption of loan

Current through June 11, 2024
A loan from the Division is assumable if:
1. A loan balance assumption fee of up to 1 percent of the loan balance, as determined by the Division, is paid to the Division;
2. A processing fee, as established by the Division, is paid to the Division; and
3. The Division approves of the assumption.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.725 - Repealed

Current through June 11, 2024
Added to NAC by Housing Division, eff. 10-26-83; A by R140-01, 8-2-2002; R by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.730 - Obligation of sponsor

Current through June 11, 2024
Every project must be designed, developed and operated in a manner consistent with all federal and state laws and regulations governing the tax-exempt status of the Division's obligations, including, but not limited to:
1. The maximum percentage of floor space, loan proceeds, development costs or project revenues which may be attributed to other than residential uses;
2. The marketing plan employed by the sponsor;
3. The percentage of living units occupied by tenants of very low, low and moderate income who receive assistance in paying rent and who are self-sufficient; and
4. The maximum amount of bond proceeds which may be paid to any sponsor.
Housing Division, Loans for Multifamily Homes Reg. § 6, eff. 7-23-80
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.740 - Repealed

Current through June 11, 2024
Housing Division, Loans for Multifamily Homes Reg. § 4 subsec. h, eff. 12-5-78-NAC A 12-16-82; R by R114-14, eff. 10/27/2015
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.750 - Yield on loans

Current through June 11, 2024
1. Mortgage loans sold to the Division must bear interest at rates and be sold to the Division at prices which in the aggregate produce a yield to the Division sufficient to:
(a) Pay interest on the principal of the related issue of the Division's bonds or other obligations;
(b) Provide adequate reserves for the holders of the Division's bonds or other obligations whenever necessary;
(c) Cover the operating costs of the Division; and
(d) Meet or exceed the minimum yield required by the general certificate or trust indenture governing the series of bonds.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.760 - Persons prohibited from purchasing obligations of Division

Current through June 11, 2024
A person or any "related person" as defined in 26 U.S.C. §
									147 from whom the Division acquires obligations under this program shall not purchase obligations of the Division in an amount related to the amount of obligations which the Division has acquired from him or her.
Housing Division, Loans for Multifamily Homes Reg. § 7, eff. 12-5-78; A and renumbered as § 10, 7-23-80-NAC A 4-13-88
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.770 - Inspections to determine compliance

Current through June 11, 2024
All the sponsor's real and personal property pertaining to the project, including all books, accounts and records pertaining thereto, must be available for inspection by representatives of the Division during the regular business hours. The Division may conduct such inspections as it deems necessary or appropriate to determine compliance with the requirements of the Division and local, state and federal law. The sponsor shall pay the cost of such an inspection to the Division.
Housing Division, Loans for Multifamily Homes Reg. § 6, eff. 12-5-78; A and renumbered as § 9, 7-23-80-NAC A by R093-00, 11-20-2000
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.780 - Consent to jurisdiction of district courts

Current through June 11, 2024
Each agreement for a commitment of purchase must require the lending institution to consent to the jurisdiction of the district courts of this State in any proceeding to enforce compliance with the terms of chapter 319 of NRS, NAC 319.600 to 319.790, inclusive, the commitment agreement and the servicing agreement.
Housing Division, Loans for Multifamily Homes Reg. § 12, eff. 7-23-80
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.790 - Eligibility of tenant

Current through June 11, 2024
1. The Division will determine the maximum levels of income and other requirements for eligible tenants after considering:
(a) The median income of residents of each county in the State;
(b) The requirements and standards, including maximum levels of income, of applicable federal and state statutes and regulations;
(c) The size of the tenant's family; and
(d) Any other factor which it deems relevant.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.800 - Definitions

Current through June 11, 2024
As used in NAC 319.800 to 319.842, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.802 to 319.810, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.802 - "Eligible borrower" defined

Current through June 11, 2024
"Eligible borrower" means:
1. In the case of a loan to conserve energy to be used to improve a single-family home, an eligible family as defined in NRS NRS 319.060.
2. In the case of a loan to conserve energy to be used to improve multiple-unit housing, the owner of the multiple-unit housing which is occupied by eligible families.
Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.804 - "Loan to conserve energy" defined

Current through June 11, 2024
"Loan to conserve energy" means a loan made by the Division to finance the purchase and installation of equipment and materials to be used in residential dwelling units for the conservation of energy or for the use of energy from sources other than fossil fuels, and any related improvements.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.806 - "Multiple-unit housing" defined

Current through June 11, 2024
"Multiple-unit housing" means housing designed for residential use which consists of two or more dwelling units for occupancy on a rental basis.
Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.808 - "Program" defined

Current through June 11, 2024
"Program" means the Division's program for the purchase of notes evidencing loans to conserve energy and the accompanying security for the loans.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.810 - "Residential use" defined

Current through June 11, 2024
1. "Residential use" means:
(a) In the case of a single-family home, the use of a structure as the principal residence of an eligible borrower; and
(b) In the case of multiple-unit housing, the use of each dwelling unit as the principal residence of the occupant.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.812 - Purpose

Current through June 11, 2024
NAC 319.800 to 319.842, inclusive, are adopted to:
1. Effectuate the general purposes of chapter 319 of NRS and the specific purposes of NRS 319.235;
2. Expand the supply of money in the State which is available for loans to conserve energy; and
3. Encourage participation by lending institutions in the program and restrict the financial return and benefit to the lending institutions to that which is necessary and reasonable to induce their participation.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.814 - Invitation for lending institutions to apply to sell loans

Current through June 11, 2024
1. The Administrator will from time to time mail invitations to lending institutions so that they may apply to sell loans to conserve energy to the Division.
2. The Administrator will mail the invitations with applications and other necessary documents to each lending institution at least 14 days before the applications must be submitted to the Division.
3. The invitations will include the following information:
(a) The date by which the application must be submitted to the Division;
(b) The date by which the Administrator will accept or reject the application; and
(c) The fee which must accompany the application.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.816 - Acceptance of application to sell loans

Current through June 11, 2024
1. The Administrator will specify in each notice of acceptance the aggregate balance of the principal of the loans which the Division agrees to purchase from a lending institution.
2. If the Administrator accepts an application, the lending institution must sell loans to the Division in accordance with the terms of the application and the agreement with the Division to originate loans.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.818 - Obligation of Division to purchase loan

Current through June 11, 2024
Unless a loan to conserve energy is to be financed by a source other than the proceeds from the sale of bonds, the obligation of the Division to purchase the loan is subject to the issuance and sale of bonds or other obligations of the Division:
1. Within the period prescribed by the application;
2. In an amount sufficient to permit the purchase; and
3. Under terms and conditions which are acceptable to the Division.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.820 - Contents of notice of acceptance

Current through June 11, 2024
1. The Administrator will designate in each notice of acceptance what percentage of loans to conserve energy which are sold to the Division must be for:
(a) Systems for conserving energy;
(b) Passive systems; and
(c) Active systems.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.822 - Requirements for loan

Current through June 11, 2024
Each loan to conserve energy which the Division purchases under the program must:
1. Be insured by the Federal Housing Administration or by private insurance which guarantees the mortgage or must be guaranteed by the Veterans' Administration; and
2. Provide, to the extent allowed by any federal or state law or regulation, that:
(a) The loan may be assumed only by an eligible borrower; and
(b) If the borrower rents the dwelling unit to another person without the consent of the Administrator or otherwise fails to occupy the unit as his or her principal residence, the Administrator will:
(1) Accelerate the rate of interest to the prevailing rate at the time the loan was made; or
(2) Accelerate to maturity the balance of the payments on the loan.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.824 - Requirements for loan for mobile home

Current through June 11, 2024
The Administrator will not purchase a loan to conserve energy to be used to make an addition to or modify a mobile home unless the mobile home meets the requirements of NAC 319.300 to 319.489, inclusive, for a loan for the purchase of the mobile home.
Added to NAC by Housing Division, eff. 12-16-82; A by R166-99, 6-15-2000
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.826 - Loans to finance certain improvements

Current through June 11, 2024
1. The Division will purchase loans to conserve energy to finance the improvements listed in NAC 319.830 without requiring a study of the energy used by the structure to be improved, unless the Administrator determines that such a study is necessary.
2. The Division will purchase loans to conserve energy to finance improvements which are listed in NAC 319.832 only after conducting a study of the energy used by the structure to be improved, unless the Administrator determines that such a study is not necessary.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.828 - Expected life of equipment and materials purchased with proceeds of loan

Current through June 11, 2024
Equipment and materials purchased with the major portion of the proceeds of a loan to conserve energy must have an expected life which is at least equal to the term of the loan.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.830 - Equipment and materials that need not be approved before loan is made

Current through June 11, 2024
The following equipment and materials need not be approved by the Division or the Department of Energy before a lending institution makes a loan to conserve energy to be purchased by the Division:
1. Insulation for an attic or ceiling up to a value of thermal resistance of 48 (R48);
2. Insulation for a wall up to a value of thermal resistance of 33 (R33);
3. Insulation for a floor up to a value of thermal resistance of 33 (R33);
4. Insulation for a pipe or duct;
5. Insulation or a jacket for a water heater;
6. Insulation for the perimeter of a foundational wall or slab up to a value of thermal resistance of 33 (R33);
7. Insulating skirting for a mobile home which qualifies for financing pursuant to NAC 319.469 up to a value of thermal resistance of 33 (R33);
8. Storm or thermal windows up to a value of thermal resistance of 3 (R3);
9. Storm or thermal doors;
10. Evaporative coolers permanently affixed to improvements to real property;
11. The replacement of a burner for a furnace with a unit which uses energy more efficiently;
12. A device for igniting a furnace which uses energy more efficiently than an existing unit;
13. The modification of the opening in a flue;
14. Thermostats with automatic setbacks;
15. Caulking and weather stripping of windows, doors and other exterior openings;
16. A device for igniting a water heater which uses energy more efficiently than an existing unit; and
17. Devices which restrict the flow of hot water.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.832 - Equipment and materials that must be approved before loan is purchased; prohibition against certain use of proceeds of loan

Current through June 11, 2024
1. All other equipment and materials, including, but not limited to:
(a) Window film;
(b) The replacement of a furnace or water heater with a unit that uses energy more efficiently;
(c) Active or passive systems for the solar heating of water for domestic use;
(d) Active or passive systems for heating or cooling air;
(e) Systems for wind, geothermal and hydroelectric energy and their components;
(f) Heat pumps;
(g) Greenhouses attached to dwelling units;
(h) Trombe, drum or water walls which do not bear a load;
(i) Clerestories;
(j) Overhangs; and
(k) Skylights,
must be approved by the Division and the Department of Energy before the lending institution makes a loan to conserve energy to be purchased by the Division.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.834 - Yield on loans

Current through June 11, 2024
1. Loans to conserve energy sold to the Division must bear interest at rates and be sold to the Division at prices which, in the aggregate, produce a yield to the Division which is sufficient to:
(a) Pay interest on the principal of the related issue of the Division's bonds or other obligations;
(b) Provide adequate reserves for the holders of the Division's bonds or other obligations whenever the reserves are necessary;
(c) Cover the costs of the Division for operating the program; and
(d) Meet or exceed the minimum yield required by the general certificate or trust indenture governing the series of bonds.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.836 - Examination of books and records of originator or servicer of loan

Current through June 11, 2024
The Administrator will conduct such examinations of the books and records of each originator or servicer of a loan to conserve energy as the Administrator deems necessary or appropriate to determine compliance with the provisions of chapter 319 of NRS, NAC 319.800 to 319.842, inclusive, the agreement to purchase the loan and the servicing agreement.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.838 - Consent to jurisdiction of district courts

Current through June 11, 2024
Each agreement to purchase or service a loan to conserve energy must require the originator or servicer to consent to the jurisdiction of the district courts of this State in any proceeding to enforce compliance with the provisions of chapter 319 of NRS, NAC 319.800 to 319.842, inclusive, the agreement to originate the loan and the servicing agreement.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.840 - Service of loans purchased by Division

Current through June 11, 2024
All loans to conserve energy purchased by the Division must be serviced by a servicer approved by the Division pursuant to a servicing agreement. The Administrator will notify all servicers of the requirements of NAC 319.800 to 319.842, inclusive, in the servicing agreement.
Added to NAC by Housing Division, eff. 12-16-82
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR CONSERVATION OF ENERGY › Section 319.842 - Persons prohibited from purchasing obligations of Division

Current through June 11, 2024
A person from whom the Division acquires obligations under the program or any "related person" as defined in 26 U.S.C. §
									147 shall not purchase obligations of the Division in an amount related to the amount of obligations which the Division has acquired from him or her.
Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88
NRS 319.140, 319.235
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.850 - Definitions

Current through June 11, 2024
As used in NAC 319.850 to 319.872, inclusive, unless the context otherwise requires:
1. "Eligible housing" means structures for residential use by eligible families as defined in NRS 319.060 and for use by persons with special needs.
2. "Residential use" means the use of a structure as the principal residence of the occupant and not as a recreational home or property for investment in a trade or business. Any portion of the structure designed or used for any purpose other than as a principal residence must not exceed 15 percent of the usable area of the structure.
3. "Sponsor" means a person or entity which develops eligible housing, including, without limitation, a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. §
									501(c)(3) and a development corporation that provides affordable or specialty housing in this State.
Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88; R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.852 - Purpose

Current through June 11, 2024
NAC 319.850 to 319.872, inclusive, are adopted to effectuate the general purposes of chapter 319 of NRS and the specific purposes of NRS 319.175 and 319.190.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.854 - Acquisition of land

Current through June 11, 2024
1. Before the Division acquires land, the Administrator will invite sponsors to apply to purchase the land from the Division for the development of eligible housing.
2. An applicant must submit to the Division:
(a) A fee of $300.
(b) A description of the proposed housing which includes, without limitation, the number and type of dwelling units, the proposed selling or rental prices, and the amenities, equipment and utilities to be included.
(c) The applicable zoning laws and the manner in which the sponsor proposes to comply with those laws.
(d) The estimated cost of the development, including, without limitation, estimates of:
(1) The cost of construction;
(2) Architectural, legal and other fees;
(3) Financing and carrying charges;
(4) The cost of the land; and
(5) The sponsor's profit.
(e) The identity of the sponsor, builder, architect and managing agent and a detailed description of their respective qualifications and their prior participation and experience in developing and operating eligible housing. If any of them is not a natural person, the applicant must submit the names of all shareholders, investors, officers and other persons having an interest in the entity.
(f) A report of the study which was conducted to determine the feasibility of the project.
(g) A plot of the site, including its dimensions, unusual contours or features on the surface and the proposed locations for housing units and improvements.
(h) Plans of the interior and basic elevational plans of the housing units containing a description of the basic materials for finishing the exterior of the building, including the siding, roof and trim.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.856 - Financing for eligible housing

Current through June 11, 2024
1. A sponsor may not condition an application to purchase land upon receiving financing for eligible housing from the Division.
2. The sponsor may apply for financing from the Division under a separate program and, if approved, use such financing in the calculations required by paragraph (d) of subsection 2 of NAC 319.854. The invitation of the Division to submit a proposal does not imply that the Division will finance eligible housing under any other program.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.858 - Acceptance of applications

Current through June 11, 2024
The Administrator will accept applications which contain proposals to develop housing that is within the limitations of the selling or rental prices established by the Division and which will be affordable to eligible families.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.860 - Determination of sales price of land; acquisition of land

Current through June 11, 2024
1. The Administrator will not include in his or her determination of the sales price of land any expenses which are incurred by the Division in acquiring and conveying land and which are covered by application fees.
2. The Division will only acquire land for which it has accepted a sponsor's application.
3. If the Division is unsuccessful in acquiring a particular parcel, the Administrator will return all application fees which have been submitted for the purchase of that parcel.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.862 - Sale of land to sponsor

Current through June 11, 2024
The Division will sell land to the sponsor who proposes the lowest price for the rental or sale of housing which is comparable to the prices proposed by other sponsors.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.864 - Conditions for sale of land to sponsor

Current through June 11, 2024
1. The Division will not sell land to a sponsor unless the sponsor:
(a) Executes and delivers to the Division an agreement to:
(1) Begin construction on or before a date set by mutual agreement between the Division and the sponsor; and
(2) Reconvey the land to the Division at a price which does not exceed the sales price of the land charged by the Division to the sponsor if construction is not begun or completed as scheduled or within a reasonable time after it is scheduled to begin or to be completed.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.866 - Establishment of standards to determine prices, income and other requirements for eligible families or persons with special needs

Current through June 11, 2024
The Administrator will establish standards to determine the selling and rental prices of eligible housing and the maximum levels of income and other requirements for eligible families or persons with special needs in accordance with the criteria established in the programs administered by the Division pursuant to NAC 319.300 to 319.489, inclusive, and loans for projects made pursuant to NAC 319.600 to 319.790, inclusive.
Added to NAC by Housing Division, eff. 12-16-82; A by R166-99, 6-15-2000; R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.868 - Examination of books and records of sponsor

Current through June 11, 2024
The Administrator will conduct such examination of the books and records of each sponsor who has acquired land from the Division as the Administrator deems necessary or appropriate to determine compliance with the provisions of chapter 319 of NRS, NAC 319.850 to 319.872, inclusive, and any agreement between the Division and the sponsor.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.870 - Consent to jurisdiction of district courts

Current through June 11, 2024
Each contract for the sale of land must require the sponsor to consent to the jurisdiction of the district courts of this State in any proceeding to enforce compliance with the provisions of chapter 319 of NRS, NAC 319.850 to 319.872, inclusive, and any agreements between the Division and the sponsor.
Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACQUISITION AND SALE OF LAND › Section 319.872 - Persons prohibited from purchasing obligations of Division

Current through June 11, 2024
A sponsor or any "related person" as defined in 26 U.S.C. §
									147 shall not purchase obligations of the Division in an amount related to the aggregate amount of the principal of the obligations which the Division has acquired from the sponsor.
Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88; R140-01, 8-2-2002
NRS 319.140, 319.175, 319.190
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.885 - Definitions

Current through June 11, 2024
As used in NAC 319.885 to 319.950, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.8855 to 319.899, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Housing Div., eff. 6-20-90; A by R001-02, 6-28-2002
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.8855 - "Account" defined

Current through June 11, 2024
"Account" means the Account for Low-Income Housing established by NRS 319.500.
Added to NAC by Housing Div., eff. 6-20-90-Substituted in revision for NAC 319.889
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.887 - "Eligible family" defined

Current through June 11, 2024
"Eligible family" means a family of one or more persons whose income is not more than 60 percent of the median income for a family of that size residing in the same county. The median income will be based on statistics from the United States Department of Housing and Urban Development.
Added to NAC by Housing Div., eff. 6-20-90
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.897 - "Local share" defined

Current through June 11, 2024
"Local share" means the percentage of money in the Account that is available to any participating jurisdiction in this State. The percentage of money is calculated annually by dividing the most recent state estimate of the population of a participating jurisdiction by the most recent state estimate of the population of the entire State. As used in this section, "state estimate of the population" means the estimate of the population of this State and its political subdivisions determined by the demographer employed pursuant to NRS NRS 360.283.
Added to NAC by Housing Div., eff. 6-20-90; A by R001-02, 6-28-2002
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.8985 - "Participating jurisdiction" defined

Current through June 11, 2024
"Participating jurisdiction" means any county, city or town in this State that receives federal money appropriated pursuant to 42 U.S.C. §§
									12701 et seq.
Added to NAC by Housing Div. by R001-02, eff. 6-28-2002
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.899 - "Project" defined

Current through June 11, 2024
"Project" means an activity for which an applicant seeks money from the Account.
Added to NAC by Housing Div., eff. 6-20-90; A by R001-02, 6-28-2002
NRS 319.140, 319.520
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.906 - Entities eligible to apply for money

Current through June 11, 2024
1. The following entities may apply for money from the Account:
(a) A public or private nonprofit charitable organization that is registered and in good standing with the Secretary of State;
(b) A housing authority; or
(c) A local government.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ACCOUNT FOR LOW-INCOME HOUSING › Section 319.908 - Eligibility of entity in limited partnership with for-profit organization

Current through June 11, 2024
An entity that applies for money from the Account is not ineligible to receive money from the Account solely because it has been in a limited partnership or plans to form a limited partnership with a for-profit organization for the purpose of financing or operating a project.
Added to NAC by Housing Div., eff. 6-20-90
NRS 319.140, 319.520