Nevada Administrative Code

NAC 319.5645 “Eligible applicant” defined. (NRS 319.140, 319.145, 319.210) “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. (…

NAC 319.565 “Eligible residence” defined. (NRS 319.140, 319.145, 319.210) “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.103A-2(d)(3); 3. Has a value …

NAC 319.5655 “Household income” defined. (NRS 319.140, 319.145, 319.210) “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…

NAC 319.566 “Median family income” defined. (NRS 319.140, 319.145, 319.210) “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…

NAC 319.5665 “Participating lending institution” defined. (NRS 319.140, 319.145, 319.210) “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)

NAC 319.567 “Second deed of trust” defined. (NRS 319.140, 319.145, 319.210) “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…

NAC 319.5675 Qualifications of eligible applicant. (NRS 319.140, 319.145, 319.210) 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 …

NAC 319.568 Requirements for deferred mortgage loans. (NRS 319.140, 319.145, 319.210) 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 prescribe…

NAC 319.572 Definitions. (NRS 319.140) 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-…

NAC 319.574 “General Reserve Trust” defined. (NRS 319.140) “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…

NAC 319.576 “Project” defined. (NRS 319.140) “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)

NAC 319.578 “Residential use” defined. (NRS 319.140) “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; …

NAC 319.580 Determination of availability of money in Trust. (NRS 319.140) 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 fo…

NAC 319.584 Submission and approval of applications; fee; terms of assistance. (NRS 319.140) 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 applic…

NAC 319.586 Determination of whether project will receive assistance. (NRS 319.140) 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. (Add…

NAC 319.588 Loans: Purposes; methods of guaranteeing repayment. (NRS 319.140) 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…

NAC 319.590 Loans: Execution of documents; assignment or sale. (NRS 319.140) 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, co…

NAC 319.592 Required period of tenancy for certain persons. (NRS 319.140) 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…

NAC 319.594 Examination of sponsor’s books, accounts and records. (NRS 319.140) 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 s…

NAC 319.600 Definitions. (NRS 319.140) 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 Hous…

NAC 319.610 “Eligible tenant” defined. (NRS 319.140) “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 …

NAC 319.620 “Family” defined. (NRS 319.140) “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 Multifam…

NAC 319.660 “Program” defined. (NRS 319.140) “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)

NAC 319.670 “Project” defined. (NRS 319.140) “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 mult…

NAC 319.680 “Residential use” defined. (NRS 319.140) “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…

NAC 319.682 “Senior project” defined. (NRS 319.140) “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)

NAC 319.684 “Special needs project” defined. (NRS 319.140) “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)

NAC 319.686 “Sponsor” defined. (NRS 319.140) “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)

NAC 319.688 “Volume cap” defined. (NRS 319.140) “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)

NAC 319.690 Loans for projects. (NRS 319.140) 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 an…

NAC 319.700 Application for loan: Requirements; fee to be established. (NRS 319.140) 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 prescribe…

NAC 319.710 Selection of projects. (NRS 319.140) 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 g…

NAC 319.711 Allocation of volume cap for projects. (NRS 319.140) 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 pr…

NAC 319.7115 Prerequisites for project to receive volume cap from Division. (NRS 319.140) 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…

NAC 319.712 Prerequisites for submission of project to State Board of Finance for approval. (NRS 319.140) 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…

NAC 319.7125 Prerequisites required of sponsor to receive financing. (NRS 319.140) 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 compl…

NAC 319.713 Issuance of taxable and tax-exempt bonds; use of proceeds. (NRS 319.140) 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 p…

NAC 319.7135 Percentage requirements of bonds. (NRS 319.140) 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 s…

NAC 319.714 Payment of cost of issuance of bonds. (NRS 319.140) 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) I…

NAC 319.7145 Review of contract for sale of land. (NRS 319.140) 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…

NAC 319.7155 Amortization and maturity. (NRS 319.140) 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 Ho…

NAC 319.716 Prepayment. (NRS 319.140) 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 R1…

NAC 319.7165 Nonrecourse loans. (NRS 319.140) 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)

NAC 319.717 Conversion to nonrecourse financing. (NRS 319.140) 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…

NAC 319.7175 Property ownership; obligations unrelated to project. (NRS 319.140) 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 un…

NAC 319.718 Debt service coverage. (NRS 319.140) 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 …

NAC 319.7185 Escrow required of sponsor. (NRS 319.140) 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)