Nevada Administrative Code

NAC 319.897 “Local share” defined. (NRS 319.140, 319.520) “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…

NAC 319.8985 “Participating jurisdiction” defined. (NRS 319.140, 319.520) “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-…

NAC 319.899 “Project” defined. (NRS 319.140, 319.520) “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)

NAC 319.906 Entities eligible to apply for money. (NRS 319.140, 319.520) 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 au…

NAC 319.908 Eligibility of entity in limited partnership with for-profit organization. (NRS 319.140, 319.520) 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…

NAC 319.910 Allocation and administration of money by Division. (NRS 319.140, 319.520) 1. Except as otherwise provided in this section, in each round of funding, the total amount of money available for distribution will be allocated according to the local share available to each …

NAC 319.912 Balance required before distribution; notice of solicitation of proposals; deadline for submission of proposals. (NRS 319.140, 319.520) 1. Money will not be allocated from the Account until there is $1,500,000 available for distribution in the Account. 2. Upon the ini…

NAC 319.914 Solicitation of proposals and notification of money available following initial round of funding. (NRS 319.140, 319.520) After the initial round of funding, the Division will give public notice of a solicitation of each proposal for a project and notify each participa…

NAC 319.916 Submission of proposals between rounds of funding. (NRS 319.140, 319.520) Upon good cause as determined by the Division, an applicant may submit a proposal for a project to the Division between rounds of funding. The Division will evaluate such a proposal in accordanc…

NAC 319.918 Proposals for projects not sought through local participating jurisdiction. (NRS 319.140, 319.520) A proposal for a project that is not sought through a local participating jurisdiction must: 1. Be sponsored by the local government within whose jurisdiction the projec…

NAC 319.920 Refusal to consider proposal for failure to perform certain obligations. (NRS 319.140, 319.520) The Division may refuse to consider a proposal for a project if the sponsor, a partner of the sponsor, a member of the project development team or any other party affiliate…

NAC 319.922 Evaluation of proposals and determination of money awarded by participating jurisdiction; evaluation and approval of proposals by Division. (NRS 319.140, 319.520) 1. A participating jurisdiction that accepts its local share shall evaluate each proposal for a project a…

NAC 319.940 Execution of documents by successful applicants. (NRS 319.140, 319.520) A successful applicant must execute any documents deemed appropriate by the Division before receiving an award of money from the Account. (Added to NAC by Housing Div., eff. 6-20-90)

NAC 319.942 Distribution of money to other entities in lieu of Division of Welfare and Supportive Services. (NRS 319.140, 319.520) The Division may distribute money from the Account pursuant to subsection 3 of NRS 319.510 if the Division of Social Services of the Department of Hu…

NAC 319.944 Auditing of projects receiving money. (NRS 319.140, 319.520) A project which receives money from the Account is subject to regular audits by the Division. The Division may audit a project at any reasonable time to determine compliance with the provisions of NAC 319.88…

NAC 319.946 Periodic reports on use of money received. (NRS 319.140, 319.520) Each recipient of money from the Account shall, at least two times annually, report upon the use of the money as required by subsection 2 of NRS 319.520. (Added to NAC by Housing Div., eff. 6-20-90; A b…

NAC 319.948 Return of money to Division: Failure to use within 3 years. (NRS 319.140, 319.520) Except as otherwise provided in this section, if money awarded from the Account has not been expended in relation to the project within 3 years after its award to an applicant, it must …

NAC 319.950 Return of money to Division: Defunct projects; failure to benefit eligible families. (NRS 319.140, 319.520) If a project ceases to exist or ceases to be used to benefit eligible families, any money awarded to the project from the Account that has not been disbursed or…

NAC 319.951 Definitions. (NRS 319.140, 319.145) As used in NAC 319.951 to 319.998, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.953 to 319.965, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Housing Di…

NAC 319.953 “Applicant” defined. (NRS 319.140, 319.145) “Applicant” means any person who applies for tax credits pursuant to the provisions of NAC 319.951 to 319.998, inclusive. (Added to NAC by Housing Div. by R057-97, eff. 1-15-98; A by R115-14, 10-27-2015)

NAC 319.955 “Code” defined. (NRS 319.140, 319.145) “Code” means the Internal Revenue Code of 1986, as amended, including any regulations, circulars, letter rulings and policies adopted by the Internal Revenue Service pursuant to the Code. (Added to NAC by Housing Div. by R057-97,…

NAC 319.956 “Compliance period” defined. (NRS 319.140, 319.145) “Compliance period” means the period during which an applicant agrees to operate a project as a low-income housing project pursuant to a declaration of restrictive covenants and conditions. (Added to NAC by Housing D…

NAC 319.957 “Day” defined. (NRS 319.140, 319.145) “Day” means a calendar day. (Added to NAC by Housing Div. by R057-97, eff. 1-15-98)

NAC 319.958 “Declaration of restrictive covenants and conditions” defined. (NRS 319.140, 319.145) “Declaration of restrictive covenants and conditions” means an agreement between the Division and an applicant that sets forth the applicable restrictions concerning rent for a proje…

NAC 319.961 “Project sponsor” defined. (NRS 319.140, 319.145) “Project sponsor” includes an applicant who receives tax credits and any other person who acquires an ownership interest in a project for which tax credits are awarded by the Division. (Added to NAC by Housing Div. by …

NAC 319.962 “Qualified allocation plan” defined. (NRS 319.140, 319.145) “Qualified allocation plan” means the plan established by the Division for allocating tax credits each year. (Added to NAC by Housing Div. by R057-97, eff. 1-15-98; A by R115-14, 10-27-2015)

NAC 319.964 “State ceiling” defined. (NRS 319.140, 319.145) “State ceiling” means the per capita limit on the amount of tax credits awarded to this State for each year pursuant to the provisions of the Code. (Added to NAC by Housing Div. by R057-97, eff. 1-15-98)

NAC 319.965 “Tax credit” defined. (NRS 319.140, 319.145) “Tax credit” means a credit or reduction in federal tax liability each year for a period of 10 years that is awarded to an owner of rental housing or his or her assigns pursuant to section 42 of the Code. (Added to NAC by H…

NAC 319.967 Compliance with qualified allocation plan; action or statement by Division not implied or express representation or warranty of financial feasibility. (NRS 319.140, 319.145) 1. Each applicant and project sponsor shall comply with the provisions of the qualified alloca…

NAC 319.968 Recording of declaration of restrictive covenants and conditions. (NRS 319.140, 319.145) A declaration of restrictive covenants and conditions constitutes a covenant running with the land of a project for the compliance period and must be recorded by the applicant or …

NAC 319.970 Qualified allocation plan: Publication by Division; contents; application form. (NRS 319.140, 319.145) 1. Each calendar year constitutes a plan year for the purposes of the provisions of NAC 319.951 to 319.998, inclusive. The Division will publish a qualified allocati…

NAC 319.971 Qualified allocation plan: Public hearings before adoption; notice of hearing; adoption; training sessions; fees. (NRS 319.140, 319.145) 1. Before adopting a qualified allocation plan and preparing the application for tax credits, the Administrator will hold at least …

NAC 319.972 Amendment of qualified allocation plan; apportionment of tax credits. (NRS 319.140, 319.145) 1. Notwithstanding the adoption of a final qualified allocation plan pursuant to NAC 319.971, the Division will amend the qualified allocation plan as needed to conform to the…

NAC 319.974 Application: Requirements; grounds for rejection; review and retention of rejected applications; confidentiality. (NRS 319.140, 319.145) 1. An application for tax credits must: (a) Be completed by the applicant in accordance with the instructions for completing the ap…

NAC 319.975 Application: Review and determination of eligibility for reservation or award of tax credits; written notice to applicant; request for review of determination; restriction. (NRS 319.140, 319.145) 1. The Division will: (a) Review each application for tax credits and an…

NAC 319.977 Application: Proposed reservation of tax credits subject to change. (NRS 319.140, 319.145) An applicant that receives a notice from the Division pursuant to NAC 319.975 may not rely on a proposed reservation of tax credits specified in the notice as creating an obliga…

NAC 319.978 Final determination of reservation of tax credits; written notice to applicant; change in status of applicant; liability of Division. (NRS 319.140, 319.145) 1. Upon completion of the review of an application conducted pursuant to NAC 319.984, the Administrator will ma…

NAC 319.979 Submission of progress report by project sponsor. (NRS 319.140, 319.145) Each project sponsor shall submit a progress report to the Division every 90 days beginning on the date he or she is notified by the Division of a reservation of tax credits. The failure of a pro…

NAC 319.980 Carryover of reserved tax credits; written request; report of compliance with certain provisions of Code; limitation on carryover. (NRS 319.140, 319.145) 1. If a final award of tax credits is not made by the end of a calendar year, any reserved amount of those credits…

NAC 319.981 Closure of project after receiving reservation of tax credits; extension of time; termination of reservation; reapplication; fees. (NRS 319.140, 319.145) 1. Except as otherwise provided in this section, each project that receives a reservation of tax credits must be c…

NAC 319.983 Submission of final application for tax credits upon completion of project; determination of amount of award; additional statements and forms. (NRS 319.140, 319.145) 1. Upon the completion of a project, the project sponsor shall submit a final application for tax cred…

NAC 319.984 Administrative review of certain determinations and actions; written request for review; procedure for hearing; transcript of hearing; representation of parties; further proceedings and investigation; final decision; judicial review. (NRS 319.140, 319.145) 1. The foll…

NAC 319.985 Receipt of application, notice or other document; computation of time. (NRS 319.140, 319.145) Except as otherwise provided in NRS 238.100: 1. For the purposes of NAC 319.951 to 319.998, inclusive, an application, supporting document or any other document submitted pur…

NAC 319.995 Compliance with certain provisions during compliance period; preparation of compliance manual by Division; records and reports; annual certification; inspections; notification of noncompliance; fees. (NRS 319.140, 319.145) 1. Each project sponsor shall, for the compli…

NAC 319.996 Projects financed by tax-exempt bonds: Applicability of certain provisions; application for tax credits. (NRS 319.140, 319.145) 1. Except as otherwise provided in this section, tax credits awarded to a project that is financed by 50 percent or more of the proceeds of …

NAC 319.998 Fees. (NRS 319.140, 319.145) The Division will establish in the qualified allocation plan any fee required to be paid pursuant to NAC 319.951 to 319.998, inclusive. The fees established by the Division pursuant to this section are not refundable. (Added to NAC by Hous…

NAC 321.010 Definitions. (NRS 321.597) As used in this chapter, unless the context otherwise requires: 1. “Federal laws” means the statutes enumerated in subsection 2 of NRS 321.5973 and regulations adopted pursuant thereto. 2. “Person” means any natural person, partnership, asso…