Nevada Administrative Code

NAC 319.483 Persons prohibited from purchasing obligations of Division. (NRS 319.140, 319.210) 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 aggregat…

NAC 319.486 Examination of books and records. (NRS 319.140, 319.210, 319.240) 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 appropria…

NAC 319.489 Consent to jurisdiction of First Judicial District Court. (NRS 319.140, 319.210) 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 …

NAC 319.491 Definitions. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 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 …

NAC 319.492 “Eligible borrower” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “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 319.060;…

NAC 319.493 “Employer-assisted housing program” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Employer-assisted housing program” means a program to provide down-payment and closing-cost assistance to employees who are members of a…

NAC 319.494 “Grant” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “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 h…

NAC 319.495 “Participating employee group” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Participating employee group” means a recognized group of employees of a participating employer, including, without limitation, a group of em…

NAC 319.496 “Participating employer” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Participating employer” means an employer that has agreed to participate in an employer-assisted housing program. (Added to NAC by Housing Div. by …

NAC 319.497 “Qualified organization” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “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);…

NAC 319.498 Grants to qualified organizations. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. The Division may award grants of money to qualified organizations to establish employer-assisted housing programs. 2. If a qualified organizatio…

NAC 319.499 Requirements for loans to eligible borrowers; terms and conditions; limitation on fees. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. A qualified organization that receives a grant may make a secured loan of not more than $20…

NAC 319.501 Length of employment not a condition of eligibility for loan; multiple loans on same property prohibited. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. The length of a borrower’s employment is not a condition of eligibility f…

NAC 319.505 Definitions. (NRS 319.140, 319.210) 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 Di…

NAC 319.509 “Household income” defined. (NRS 319.140, 319.210) “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)

NAC 319.513 “Median income for this State” defined. (NRS 319.140, 319.210) “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-…

NAC 319.516 “Participating lending institution” defined. (NRS 319.140, 319.210) “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)

NAC 319.519 “Program to purchase second mortgage loans for down payments or closing costs” defined. (NRS 319.140, 319.210) “Program to purchase second mortgage loans for down payments or closing costs” means each program administered by the Division pursuant to which the Division…

NAC 319.523 “Qualified applicant” defined. (NRS 319.140, 319.210) “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 319.526 “Qualified participating lending institution” defined. (NRS 319.140, 319.210) “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 Hous…

NAC 319.529 “Qualified residence” defined. (NRS 319.140, 319.210) “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)

NAC 319.533 “Second deed of trust” defined. (NRS 319.140, 319.210) “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 l…

NAC 319.536 “Second deed of trust note” defined. (NRS 319.140, 319.210) “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 de…

NAC 319.539 “Second mortgage loan” defined. (NRS 319.140, 319.210) “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; …

NAC 319.545 Determination of money available; selection of participating lending institutions; notice of acceptance. (NRS 319.140, 319.210) 1. The Division will determine annually the amount of money that is available for each program to purchase second mortgage loans for down pa…

NAC 319.549 Agreements for purchase and sale of second mortgage loans. (NRS 319.140, 319.210) 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 d…

NAC 319.553 Criteria for qualified applicant. (NRS 319.140, 319.210) 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…

NAC 319.556 Service of second mortgage loans by Division. (NRS 319.140, 319.210) 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, ef…

NAC 319.559 Requirements for second mortgage loans. (NRS 319.140, 319.210) 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 …

NAC 319.562 Definitions. (NRS 319.140, 319.145, 319.210) 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 …

NAC 319.5625 “Area median purchase price” defined. (NRS 319.140, 319.145, 319.210) “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 Departmen…

NAC 319.563 “Deferred loan agreement” defined. (NRS 319.140, 319.145, 319.210) “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 R…

NAC 319.5635 “Deferred loan program for down payments or closing costs” defined. (NRS 319.140, 319.145, 319.210) “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 S…

NAC 319.564 “Deferred mortgage loan” defined. (NRS 319.140, 319.145, 319.210) “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 re…

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…