Nevada Administrative Code

NAC 319.7215 Display of sign concerning financing of project. (NRS 319.140) 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 Hou…

NAC 319.722 Fee for developer. (NRS 319.140) 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 perc…

NAC 319.7225 Profit and overhead for contractor. (NRS 319.140) 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 NA…

NAC 319.723 Assumption of loan. (NRS 319.140) 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…

NAC 319.730 Obligation of sponsor. (NRS 319.140) 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 maxi…

NAC 319.750 Yield on loans. (NRS 319.140) 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 D…

NAC 319.760 Persons prohibited from purchasing obligations of Division. (NRS 319.140) 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 …

NAC 319.770 Inspections to determine compliance. (NRS 319.140) 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 regu…

NAC 319.780 Consent to jurisdiction of district courts. (NRS 319.140) 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 cha…

NAC 319.790 Eligibility of tenant. (NRS 319.140) 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, includin…

NAC 319.800 Definitions. (NRS 319.140, 319.235) 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 Di…

NAC 319.802 “Eligible borrower” defined. (NRS 319.140, 319.235) “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 319.060. 2. In the case of a loan to conserve energy to be used …

NAC 319.804 “Loan to conserve energy” defined. (NRS 319.140, 319.235) “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…

NAC 319.806 “Multiple-unit housing” defined. (NRS 319.140, 319.235) “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)

NAC 319.808 “Program” defined. (NRS 319.140, 319.235) “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)

NAC 319.810 “Residential use” defined. (NRS 319.140, 319.235) 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 uni…

NAC 319.812 Purpose. (NRS 319.140, 319.235) 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 en…

NAC 319.814 Invitation for lending institutions to apply to sell loans. (NRS 319.140, 319.235) 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 m…

NAC 319.816 Acceptance of application to sell loans. (NRS 319.140, 319.235) 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…

NAC 319.818 Obligation of Division to purchase loan. (NRS 319.140, 319.235) 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 bo…

NAC 319.820 Contents of notice of acceptance. (NRS 319.140, 319.235) 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; an…

NAC 319.822 Requirements for loan. (NRS 319.140, 319.235) 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 Depar…

NAC 319.824 Requirements for loan for mobile home. (NRS 319.140, 319.235) 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, fo…

NAC 319.826 Loans to finance certain improvements. (NRS 319.140, 319.235) 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 Administrato…

NAC 319.828 Expected life of equipment and materials purchased with proceeds of loan. (NRS 319.140, 319.235) 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…

NAC 319.830 Equipment and materials that need not be approved before loan is made. (NRS 319.140, 319.235) 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 purc…

NAC 319.832 Equipment and materials that must be approved before loan is purchased; prohibition against certain use of proceeds of loan. (NRS 319.140, 319.235) 1. All other equipment and materials, including, but not limited to: (a) Window film; (b) The replacement of a furnace o…

NAC 319.834 Yield on loans. (NRS 319.140, 319.235) 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…

NAC 319.836 Examination of books and records of originator or servicer of loan. (NRS 319.140, 319.235) 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 app…

NAC 319.838 Consent to jurisdiction of district courts. (NRS 319.140, 319.235) 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 …

NAC 319.840 Service of loans purchased by Division. (NRS 319.140, 319.235) 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 requirem…

NAC 319.842 Persons prohibited from purchasing obligations of Division. (NRS 319.140, 319.235) 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 …

NAC 319.850 Definitions. (NRS 319.140, 319.190) 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…

NAC 319.852 Purpose. (NRS 319.140, 319.190) 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 319.190. (Added to NAC by Housing Division, eff. 12-16-82; A by R140-01, 8-2-2002; R124-04, 10-4-20…

NAC 319.854 Acquisition of land. (NRS 319.140, 319.190) 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 …

NAC 319.856 Financing for eligible housing. (NRS 319.140, 319.190) 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…

NAC 319.858 Acceptance of applications. (NRS 319.140, 319.190) 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…

NAC 319.860 Determination of sales price of land; acquisition of land. (NRS 319.140, 319.190) 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…

NAC 319.862 Sale of land to sponsor. (NRS 319.140, 319.190) 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…

NAC 319.864 Conditions for sale of land to sponsor. (NRS 319.140, 319.190) 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…

NAC 319.866 Establishment of standards to determine prices, income and other requirements for eligible families or persons with special needs. (NRS 319.140, 319.190) The Administrator will establish standards to determine the selling and rental prices of eligible housing and the …

NAC 319.868 Examination of books and records of sponsor. (NRS 319.140, 319.190) 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 compli…

NAC 319.870 Consent to jurisdiction of district courts. (NRS 319.140, 319.190) 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 31…

NAC 319.872 Persons prohibited from purchasing obligations of Division. (NRS 319.140, 319.190) 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 oblig…

NAC 319.875 Application; restriction on award of grant; eligible entities; criteria for approval or rejection of application; review of and notice of final determination concerning application. (NRS 319.600) 1. At least once each year that sufficient funds are available in the Ne…

NAC 319.885 Definitions. (NRS 319.140, 319.520) 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 D…

NAC 319.8855 “Account” defined. (NRS 319.140, 319.520) “Account” means the Account for Affordable Housing established by NRS 319.500. (Added to NAC by Housing Div., eff. 6-20-90)—(Substituted in revision for NAC 319.889)