reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.463 - Criteria for eligibility to participate in program; notice of acceptance

Current through June 11, 2024
1. To be eligible to participate in a program, a lending institution must:
(a) Have a net worth of at least $500,000;
(b) Maintain at least one office within this State that originates loans and deeds of trusts;
(c) Customarily engage in originating or servicing loans and deeds of trusts, or in originating and servicing loans and deeds of trusts;
(d) Be qualified to do business in this State;
(e) Be licensed as required by applicable law;
(f) Be authorized to commence business under a certificate issued by the Commissioner of Financial Institutions or the Commissioner of Mortgage Lending, if required by law;
(g) Be in good standing with the federal, state or local regulatory agency having jurisdiction; and
(h) Be a mortgagee approved by the Federal Housing Administration and the Department of Veterans Affairs, or be a seller or servicer of mortgage loans to and for the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.466 - Qualifications of eligible borrowers

Current through June 11, 2024
An eligible borrower must:
1. Meet the criteria for underwriting applied by the Federal Housing Administration, the Department of Veterans Affairs, the Rural Development Administration of the United States Department of Agriculture or the private mortgage insurance company, as appropriate, depending on which entity insures or guarantees the mortgage loan.
2. Have assets, including, without limitation, savings accounts, stocks, bonds and equity in real property, that do not exceed 50 percent of the acquisition cost of the qualified residence, unless the borrower is disabled or elderly and the Division determines that such assets are the primary source of income for the borrower.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000; A by R192-08, 12-17-2008
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.469 - Mobile homes

Current through June 11, 2024
1. The Division will purchase mortgage loans for the financing of mobile homes.
2. To be financed by the Division, a mobile home must:
(a) Meet the requirements applied by the Federal Housing Administration, the Department of Veterans Affairs or a private mortgage insurance company, as appropriate, depending on which entity insures or guarantees the mortgage loan for the financing of the mobile home;
(b) Have the running gear removed;
(c) Be permanently affixed to a parcel of land; and
(d) Be placed on the real property tax roll by the county assessor.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.473 - Ground for not purchasing or reconsidering purchase of mortgage loan

Current through June 11, 2024
In addition to any other remedies available to it, the Division will not:
1. Purchase a mortgage loan which was obtained by the use of intentionally false or misleading information in the application.
2. Reconsider the purchase of such a mortgage loan even if the applicant submits a corrected application.
Housing Division, Loans for Single-Family Homes Reg. § 15, eff. 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.500
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.476 - Purchase of mortgage loans: Mortgage purchase agreement; notice to applicant

Current through June 11, 2024
1. For each mortgage loan which is purchased pursuant to a program, the Division will enter into a mortgage purchase agreement with a participating lending institution pursuant to which the participating lending institution agrees to sell to the Division all the right, title and interest of the institution in the mortgage loan that is referenced in the mortgage purchase agreement.
2. In making its decision to purchase a mortgage loan, the Division must have the financial records of the applicant for the mortgage loan at its disposal. The Division will issue to the applicant a notice which states substantially the following:
Regarding your application for a home loan, pursuant to a program of the Housing Division of this State, the Division has examined your application file and financial records. This notice is sent to you pursuant to subsection 3 of NRS 239A.090 to notify you that the examination of your financial records has occurred and the reason for the examination. The examination included a review of all documents submitted with the application, including financial records, credit reports, income tax information and supporting documents.
The decision on the loan has been communicated to your lender who will communicate with you.
Housing Division, Loans for Single-Family Homes Reg. §§ 8 & 9, eff. 5-8-78; A and renumbered as § 8, 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.510
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.479 - Service of mortgage loans purchased by Division

Current through June 11, 2024
All mortgage loans purchased by the Division must be serviced by the Division or a servicer approved by the Division.
Housing Division, Loans for Single-Family Homes Reg. § 10, eff. 5-8-78; A 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.530
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.483 - Persons prohibited from purchasing obligations of Division

Current through June 11, 2024
A lending institution, including any related person as defined in 26 U.S.C. §
									147, shall not purchase the bonds or other obligations of the Division in an amount related to the aggregate principal amount of the mortgage loans to be sold to the Division by the lending institution.
Housing Division, Loans for Single-Family Homes Reg. § 13, eff. 5-8-78; A 7-23-80-NAC A 4-13-88-Substituted in revision for NAC 319.540
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.486 - Examination of books and records

Current through June 11, 2024
The Division may conduct such an examination of the books and records of each participating lending institution which has sold mortgage loans to the Division as the Division deems necessary or appropriate to determine compliance with the provisions of chapter 319 of NRS, NAC 319.300 to 319.489, inclusive, and any mortgage purchase agreement entered into between the Division and the participating lending institution. Each participating lending institution shall pay the cost of any examination of its books and records.
Housing Division, Loans for Single-Family Homes Reg. § 11, eff. 5-8-78; A 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.550
NRS 319.140, 319.210, 319.240
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR SINGLE-FAMILY HOMES › Section 319.489 - Consent to jurisdiction of First Judicial District Court

Current through June 11, 2024
Each mortgage purchase agreement must require the participating lending institution to consent to the jurisdiction of the First Judicial District Court of this State in any proceeding to enforce compliance with the provisions of chapter 319 of NRS, NAC 319.300 to 319.489, inclusive, and the mortgage purchase agreement.
Housing Division Loans for Single-Family Homes Reg. § 12, eff. 5-8-78; A 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.560
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.491 - Definitions

Current through June 11, 2024
As used in NAC 319.491 to 319.501, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.492 to 319.497, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.492 - "Eligible borrower" defined

Current through June 11, 2024
"Eligible borrower" means a person who:
1. Is a member of a participating employee group;
2. Is a member of an eligible family as defined in NRS NRS 319.060;
3. Has a household income that does not exceed 170 percent of the median income for the area in which the home is located, unless the Division approves a higher limit; and
4. Completes a homebuyer education class approved by the Division that is in accordance with the homebuyer education topics, guidelines and protocols of the United States Department of Housing and Urban Development.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.493 - "Employer-assisted housing program" defined

Current through June 11, 2024
"Employer-assisted housing program" means a program to provide down-payment and closing-cost assistance to employees who are members of a participating employee group and are employed by a participating employer in securing affordable housing in this State.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.494 - "Grant" defined

Current through June 11, 2024
"Grant" means a grant of money awarded by the Division pursuant to NAC 319.491 to 319.501, inclusive, to a qualified organization to establish an employer-assisted housing program.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.495 - "Participating employee group" defined

Current through June 11, 2024
"Participating employee group" means a recognized group of employees of a participating employer, including, without limitation, a group of employees who are the beneficiaries under a Taft-Hartley Trust formed pursuant to 29 U.S.C. §
									186(c)(5) which qualifies as an employee welfare benefit plan and which represents multiple employers.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.496 - "Participating employer" defined

Current through June 11, 2024
"Participating employer" means an employer that has agreed to participate in an employer-assisted housing program.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.497 - "Qualified organization" defined

Current through June 11, 2024
"Qualified organization" means an organization which:
1. Is a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. §
									501(c)(3);
2. Is in good standing with the Office of the Secretary of State;
3. Has the specifically designated purpose of promoting affordable or subsidized single-family housing located within this State;
4. Has demonstrated the ability for a period of not less than 5 consecutive years to process and service loans either directly or in conjunction with a loan servicer approved by the Division; and
5. Has a financial net worth of not less than $1,000,000.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.498 - Grants to qualified organizations

Current through June 11, 2024
1. The Division may award grants of money to qualified organizations to establish employer-assisted housing programs.
2. If a qualified organization that receives a grant fails to maintain a net worth of $1,000,000, excluding the value of the grant, the organization shall immediately return to the Division any remaining amount of the grant that has not been committed for expenditure.
3. Before a qualified organization that receives a grant may contract or award a subgrant for services of more than $2,000 to be paid from the proceeds of the grant, the contract or subgrant must be approved by the Administrator.
4. A qualified organization that receives a grant is subject to audit by the Division with respect to the grant at any reasonable time to ensure its compliance with all applicable laws and regulations of this State.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.499 - Requirements for loans to eligible borrowers; terms and conditions; limitation on fees

Current through June 11, 2024
1. A qualified organization that receives a grant may make a secured loan of not more than $20,000 from the proceeds of the grant to an eligible borrower for down-payment and closing-cost assistance in the purchase of affordable housing.
2. A qualified organization that makes such a loan shall:
(a) Verify the eligibility of the borrower;
(b) Ensure timely and accurate disbursement of the loan money to the borrower;
(c) Administer the loan for as long as the loan has principal outstanding;
(d) Annually verify, through a current policy of homeowners' insurance or property tax bill, that the borrower uses the home as his or her primary residence;
(e) Confirm that the borrower is a member of a participating employee group;
(f) Not lend to a borrower for a home which is outside this State or which is not located in a county in this State in which his or her employer has an established place of business;
(g) Provide documentation that informs the borrower of the possibility of federal tax liability if any portion of the principal of the loan is forgiven; and
(h) Verify that the borrower has completed a homebuyer education class approved by the Division before funding the loan.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › EMPLOYER-ASSISTED HOUSING PROGRAMS › Section 319.501 - Length of employment not a condition of eligibility for loan; multiple loans on same property prohibited

Current through June 11, 2024
1. The length of a borrower's employment is not a condition of eligibility for a loan.
2. Two or more employees may not apply for multiple loans pursuant to NAC 319.499 on the same property.
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008
NRS 319.140, § 3 of ch. 348, Stats. 2007
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.505 - Definitions

Current through June 11, 2024
As used in NAC 319.505 to 319.559, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.509 to 319.539, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.509 - "Household income" defined

Current through June 11, 2024
"Household income" has the meaning ascribed to it in NAC 319.365.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.513 - "Median income for this State" defined

Current through June 11, 2024
"Median income for this State" means the median income that is established for this State by the United States Department of Housing and Urban Development.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.516 - "Participating lending institution" defined

Current through June 11, 2024
"Participating lending institution" has the meaning ascribed to it in NAC 319.415.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.519 - "Program to purchase second mortgage loans for down payments or closing costs" defined

Current through June 11, 2024
"Program to purchase second mortgage loans for down payments or closing costs" means each program administered by the Division pursuant to which the Division purchases second mortgage loans from qualified participating lending institutions.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.523 - "Qualified applicant" defined

Current through June 11, 2024
"Qualified applicant" means a person who:
1. Desires to obtain financing for the down payment or the closing costs, or both, for a qualified residence; and
2. Meets the criteria set forth in NAC 319.553.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.526 - "Qualified participating lending institution" defined

Current through June 11, 2024
"Qualified participating lending institution" means a participating lending institution to which the Division has issued a notice of acceptance pursuant to NAC 319.545.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.529 - "Qualified residence" defined

Current through June 11, 2024
"Qualified residence" has the meaning ascribed to it in NAC 319.425.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.533 - "Second deed of trust" defined

Current through June 11, 2024
"Second deed of trust" means an instrument, including, without limitation, a deed of trust, mortgage deed or other mortgage, that secures a second mortgage loan and second deed of trust note and creates a second lien, which is junior to a first lien, on a fee interest in real property located within this State.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.536 - "Second deed of trust note" defined

Current through June 11, 2024
"Second deed of trust note" means a promissory note that:
1. Evidences a second mortgage loan issued by a qualified participating lending institution to a qualified applicant; and
2. Is secured by a second deed of trust.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.539 - "Second mortgage loan" defined

Current through June 11, 2024
"Second mortgage loan" means a loan that is:
1. Made to a qualified applicant for the payment of the down payment or closing costs, or both, for a qualified residence;
2. Evidenced by a second deed of trust note; and
3. Secured by a second deed of trust.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.545 - Determination of money available; selection of participating lending institutions; notice of acceptance

Current through June 11, 2024
1. The Division will determine annually the amount of money that is available for each program to purchase second mortgage loans for down payments or closing costs.
2. To select the participating lending institutions that will participate in a program to purchase second mortgage loans for down payments or closing costs, the Division will:
(a) Verify the status of the lending institution as a participating lending institution;
(b) Consider the quality of participation of the participating lending institution in a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive; and
(c) Consider the extent of previous participation, if any, of the participating lending institution in a program which is administered by the Division to purchase second mortgage loans for down payments or closing costs.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.549 - Agreements for purchase and sale of second mortgage loans

Current through June 11, 2024
1. The Division will enter into an agreement for the purchase and sale of second mortgage loans with a qualified participating lending institution selected pursuant to NAC 319.545 that desires to sell second mortgage loans to the Division.
2. Each agreement for the purchase and sale of second mortgage loans must:
(a) Set forth the standards for:
(1) Eligibility as a qualified applicant; and
(2) The purchase of a second mortgage loan by the Division; and
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.553 - Criteria for qualified applicant

Current through June 11, 2024
A qualified applicant must:
1. Have obtained or be in the process of obtaining a mortgage loan for the purchase of a qualified residence pursuant to a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive;
2. Have a household income of not more than 80 percent of the median income for this State unless the mortgage loan is not funded with money from the Federal Government, in which case the Administrator may authorize, in his or her sole discretion, a household income in excess of 80 percent of the median income for this State;
3. After paying closing costs for the qualified residence, have no more than $5,000 in liquid assets in his or her possession;
4. Meet the criteria for underwriting applied by the Federal Housing Administration, the Department of Veterans Affairs, the private mortgage insurance company or the Federal National Mortgage Association, as the case may be; and
5. Have completed a training course on the purchase of a home approved by the:
(a) Entity that insures or guarantees the mortgage loan; or
(b) Division, if the entity described in paragraph (a) has not approved such a course.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.556 - Service of second mortgage loans by Division

Current through June 11, 2024
The Division will service the second mortgage loans originated pursuant to a program to purchase second mortgage loans for down payments or closing costs.
Added to NAC by Housing Div. by R166-99, eff. 6-15-2000
NRS 319.140, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › SECOND MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.559 - Requirements for second mortgage loans

Current through June 11, 2024
Each second mortgage loan purchased by the Division must:
1. Be of an amount that:
(a) Does not exceed $3,500 for a qualified applicant with a household income of more than 60 percent but not more than 80 percent of the median income for this State; or
(b) Does not exceed $5,000 for a qualified applicant with a household income equal to or less than 60 percent of the median income for this State; and
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.562 - Definitions

Current through June 11, 2024
As used in NAC 319.562 to 319.568, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.5625 to 319.567, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5625 - "Area median purchase price" defined

Current through June 11, 2024
"Area median purchase price" means 95 percent of the median purchase price for a single-family residence in the area in which the residence is located, as established by the United States Department of Housing and Urban Development.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.563 - "Deferred loan agreement" defined

Current through June 11, 2024
"Deferred loan agreement" means an agreement that:
1. Evidences a deferred mortgage loan issued to an eligible applicant; and
2. Is secured by a second deed of trust.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5635 - "Deferred loan program for down payments or closing costs" defined

Current through June 11, 2024
"Deferred loan program for down payments or closing costs" means each program administered by the Division for which the Division uses money received from the United States Department of Housing and Urban Development pursuant to the HOME Investment Partnerships Act, 42 U.S.C. §§
									12701 et seq., to finance deferred mortgage loans.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.564 - "Deferred mortgage loan" defined

Current through June 11, 2024
"Deferred mortgage loan" means a loan, the repayment of which is deferred, that is:
1. Made to an eligible applicant for the payment of the down payment or the closing costs, or both, for an eligible residence;
2. Evidenced by a deferred loan agreement; and
3. Secured by a second deed of trust.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5645 - "Eligible applicant" defined

Current through June 11, 2024
"Eligible applicant" means a person who:
1. Desires to obtain financing for the down payment or the closing costs, or both, for an eligible residence; and
2. Meets the criteria set forth in NAC 319.5675.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.565 - "Eligible residence" defined

Current through June 11, 2024
"Eligible residence" means a residence that:
1. Is a single-family residence constructed after 1978;
2. Meets the criteria for a principal residence set forth in 26 C.F.R. § 6a.103 A- 2(d)(3);
3. Has a value that does not exceed the area median purchase price;
4. Has not been occupied by a tenant, other than the eligible applicant, during the 6 months immediately preceding the date on which the eligible applicant applied for the deferred mortgage loan;
5. Meets the criteria for underwriting applied by the Federal Housing Administration or the Department of Veterans Affairs, depending on which entity insures or guarantees the mortgage loan; and
6. Is not located in a designated runway clear zone or clear zone, as defined in 24 C.F.R. §
									51.301(d).
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5655 - "Household income" defined

Current through June 11, 2024
"Household income":
1. Means the income of the mortgagor and of any other person who will be living in the eligible residence and who is at least 18 years of age; and
2. Must be determined in accordance with the provisions of 42 U.S.C. §
									1437 f and the regulations adopted pursuant thereto concerning determination of income.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.566 - "Median family income" defined

Current through June 11, 2024
"Median family income" means the percentage of median family income as prescribed by the HOME Investment Partnerships Act, 42 U.S.C. §§
									12701 et seq., adjusted for household size, which is established for each area of this State by the United States Department of Housing and Urban Development.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5665 - "Participating lending institution" defined

Current through June 11, 2024
"Participating lending institution" has the meaning ascribed to it in NAC 319.415.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.567 - "Second deed of trust" defined

Current through June 11, 2024
"Second deed of trust" means an instrument, including, without limitation, a deed of trust, mortgage deed or other mortgage, that secures a deferred mortgage loan and a deferred loan agreement and creates a second lien, which is junior to a first lien, on a fee interest in real property located within this State.
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003
NRS 319.140, 319.145, 319.210
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.5675 - Qualifications of eligible applicant

Current through June 11, 2024
An eligible applicant must:
1. Have obtained or be in the process of obtaining a mortgage loan for the purchase of an eligible residence pursuant to a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive;
2. Submit a completed application for a mortgage loan pursuant to NAC 319.300 to 319.489, inclusive, to a participating lending institution indicating the desire to be considered for a deferred mortgage loan;
3. Have a household income of not more than the median family income;
4. After paying closing costs for the eligible residence, have not more than $5,000 in liquid assets in his or her possession;
5. Contribute a minimum cash investment of $500;
6. Meet the criteria for underwriting applied by the Federal Housing Administration or the Department of Veterans Affairs, depending on which entity insures or guarantees the mortgage loan; and
7. Have completed a training course on the purchase of a home approved by the:
(a) Entity that insures or guarantees the mortgage loan; or
(b) Division, if the entity described in paragraph (a) has not approved such a course.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS › Section 319.568 - Requirements for deferred mortgage loans

Current through June 11, 2024
Each deferred mortgage loan financed by the Division must:
1. Be of an amount that:
(a) Does not reduce the ratio of mortgage payment to income of the eligible applicant, calculated as prescribed by the Federal Housing Administration, below 29 percent; or
(b) Does not reduce the ratio of total fixed payment to income of the eligible applicant, calculated as prescribed by the Department of Veterans Affairs, below 41 percent;
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.572 - Definitions

Current through June 11, 2024
As used in NAC 319.572 to 319.594, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.574, 319.576 and 319.578 have the meanings ascribed to them in those sections.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.574 - "General Reserve Trust" defined

Current through June 11, 2024
"General Reserve Trust" means the Trust created by the Division for the benefit of the Division and the owners of designated bonds and to:
1. Provide money to pay the costs incurred in creating, developing, maintaining or carrying out projects;
2. Pay, upon the approval of the Administrator, the principal or interest or redemption premium, if any, on designated bonds specified by the Division if no other money is available for those payments;
3. Provide money for the general operating expenses of the Division; and
4. Provide money for loans, grants, services and commitments for loans, grants and services from the Division that assist the Division in exercising its powers and carrying out its duties and objectives as set forth in chapter 319 of NRS.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.576 - "Project" defined

Current through June 11, 2024
"Project" means a housing facility for residential use which consists of two or more dwelling units for occupancy by eligible tenants on a rental basis.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.578 - "Residential use" defined

Current through June 11, 2024
"Residential use" means the use of each unit in a project as the principal residence of the tenant but not as a vacation or second home or place of business.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.580 - Determination of availability of money in Trust

Current through June 11, 2024
At least once each year, the Administrator will determine the amount available in the General Reserve Trust to finance or create a project after first determining the ongoing obligations of the Division for budgeting and debt service that are secured by the existing money in the General Reserve Trust.
Added to NAC by Housing Div., eff. 4-13-88; A 9-1-89; R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.584 - Submission and approval of applications; fee; terms of assistance

Current through June 11, 2024
1. To apply for a loan, grant, service or commitment for a loan, grant or service from the Division for a project, a completed application must be submitted to the Division.
2. Any application submitted by a sponsor organized for profit must be accompanied by a nonrefundable fee of $1,250.
3. The Division will approve or disapprove an application for a loan, grant, service or commitment for a loan, grant or service from the Division within 90 days after it receives the application. If the application is approved, the Division will award a commitment letter to the sponsor of the project.
4. The Division will determine the terms and conditions of each loan, grant, service or commitment for a loan, grant or service that it approves. Such terms and conditions must be consistent with accepted banking and risk analysis principles.
Added to NAC by Housing Div., eff. 4-13-88; A 9-1-89; R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.586 - Determination of whether project will receive assistance

Current through June 11, 2024
In determining whether a project will receive a loan, grant, service or commitment for a loan, grant or service from the Division, the Division will use the criteria set forth in NAC 319.710.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.588 - Loans: Purposes; methods of guaranteeing repayment

Current through June 11, 2024
1. The Division may make a loan for:
(a) The interim financing of the development, construction or rehabilitation of a project;
(b) The permanent financing of a project; or
(c) The interim and permanent financing of a project.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.590 - Loans: Execution of documents; assignment or sale

Current through June 11, 2024
1. Before the initial closing of a loan made pursuant to NAC 319.588, the sponsor must execute any documents which the Division deems necessary or appropriate to regulate the acquisition, development, construction or rehabilitation of the proposed project and the operations of the sponsor in order to carry out the duties and protect the interests of the Division.
2. A loan may not be assigned or sold without the prior written approval of the Division.
3. The sponsor shall pay to the Division a fee in an amount equal to 1 percent of the unpaid principal balance of the loan upon the execution of an agreement for the sale or assumption of the loan.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.592 - Required period of tenancy for certain persons

Current through June 11, 2024
Each unit in any approved project must be made available to low-income tenants for a period of not less than 30 years.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › ASSISTANCE FROM GENERAL RESERVE TRUST › Section 319.594 - Examination of sponsor's books, accounts and records

Current through June 11, 2024
1. All the sponsor's books, accounts and records relating to the project must be available for inspection by representatives of the Division during normal business hours.
2. The Division may conduct such examinations of the books, accounts and records of the sponsor as it deems necessary or appropriate to determine compliance with the provisions of this section and may require the sponsor to pay the cost of the examination.
Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009
NRS 319.140
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.600 - Definitions

Current through June 11, 2024
As used in NAC 319.600 to 319.790, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.610 to 319.688, inclusive, have the meanings ascribed to them in those sections.
Supplied in codification; A by Housing Division, 10-26-83; 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 319.610 - "Eligible tenant" defined

Current through June 11, 2024
"Eligible tenant" means a family which is obligated to pay the rent for a dwelling unit and whose income does not exceed the level of maximum income established by the Division pursuant to NAC 319.790.
Housing Division, Loans for Multifamily Homes Reg. § 3 subsec. a, eff. 12-5-78; A and renumbered as § 2 subsec. 1, 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 319.620 - "Family" defined

Current through June 11, 2024
"Family" means a person or a group of persons consisting of the head of a household and any related persons in the household who are allowable as personal exemptions for federal income tax purposes.
Housing Division, Loans for Multifamily Homes Reg. § 3 subsec. b, eff. 12-5-78; A and renumbered as § 2 subsec. 2, 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 319.660 - "Program" defined

Current through June 11, 2024
"Program" means the Division's program of financing projects.
Housing Division, Loans for Multifamily Homes Reg. § 3 subsec. f, eff. 12-5-78; A and renumbered as § 2 subsec. 4, 7-23-80-NAC A 12-16-82; 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 319.670 - "Project" defined

Current through June 11, 2024
"Project" means a housing facility for residential use which consists of two or more dwelling units for occupancy by eligible tenants on a rental basis. The term includes property to be leased, purchased or developed for sites for multifamily housing and upon which the Division takes a security interest and records a regulatory agreement, whether the Division issues bonds or a mortgage loan for the lease, purchase or development of the multifamily housing.
Housing Division, Loans for Multifamily Homes Reg. § 2 subsec. 5, eff. 7-23-80-NAC A 12-16-82; R093-00, 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 319.680 - "Residential use" defined

Current through June 11, 2024
"Residential use" means use of each unit in a project as the principal residence of the occupant and not as a recreational home or property for investment in a trade or business. Portions of any project designed or used for any purpose other than as a principal residence must not exceed 15 percent of the usable area of the project.
Housing Division, Loans for Multifamily Homes Reg. § 3 subsec. g, eff. 12-5-78; A and renumbered as § 2 subsec. 6, 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 319.682 - "Senior project" defined

Current through June 11, 2024
"Senior project" means a project for housing for persons who are at least 55 years of age.
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 319.684 - "Special needs project" defined

Current through June 11, 2024
"Special needs project" means a project for housing for a particular demographic group with a special need for housing, as identified 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 319.686 - "Sponsor" defined

Current through June 11, 2024
"Sponsor" means a person who is the primary entity responsible for the promotion of a 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 319.688 - "Volume cap" defined

Current through June 11, 2024
"Volume cap" has the meaning ascribed to it in 26 U.S.C. §
									146(b) and (c).
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 319.690 - Loans for projects

Current through June 11, 2024
1. If appropriate, the Division shall issue bonds or make a mortgage loan for:
(a) The interim financing of the development, construction or rehabilitation of a project;
(b) The permanent financing of a project; or
(c) Both interim and permanent financing of a project.
Nevada Administrative Code › Chapter 319 - Assistance to Finance Housing › LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES › Section 319.700 - Application for loan: Requirements; fee to be established

Current through June 11, 2024
1. The Division shall publish application requirements in hard copy or on its website which must describe in detail the procedure for reviewing an application and any other requirements prescribed by the Division.
2. The Administrator, in consultation with the Advisory Committee on Housing, will establish a fee for applying for financing from the Division.
Housing Division, Loans for Multifamily Homes Reg. § 4 subsec. b & d-g, eff. 12-5-78; A and renumbered as § 4, 7-23-80-NAC A 4-13-88; 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 319.710 - Selection of projects

Current through June 11, 2024
The Division shall finance those projects:
1. Which receive approval from a local government that governs the area which includes the project and, if the project includes private activity bonds, receive a transfer from such local government an amount of volume cap deemed necessary by the Division;
2. Which are financially feasible at the interest rate set forth in the financing documents of the project using:
(a) The agreed upon restricted rents for the rent-restricted units designated as set-aside units; and
(b) Market rents for the units which are not rent-restricted units designated as set-aside units;