Title 25

NRS 315.965 “Bonds” defined. “Bonds” means any bonds, notes, interim certificates, debentures or other obligations issued by the Authority pursuant to the provisions of NRS 315.961 to 315.99874, inclusive. (Added to NRS by 1973, 615; A 1987, 523; 2005, 221)

NRS 315.9655 “Business entity” defined. “Business entity” means a corporation, whether or not for profit, nonprofit organization, association, partnership, limited-liability company, limited-liability partnership or other entity formed pursuant to NRS 315.983. (Added to NRS by 20…

NRS 315.966 “City” defined. “City” means any incorporated city. (Added to NRS by 1973, 615)

NRS 315.967 “Executive Director” defined. “Executive Director” means the Executive Director of the Authority. (Added to NRS by 1973, 615)

NRS 315.968 “Federal Government” defined. “Federal Government” includes the United States of America or any agency or instrumentality of the United States of America. (Added to NRS by 1973, 616)

NRS 315.969 “Housing project” defined. 1. “Housing project” means any work or undertaking: (a) To demolish, clear or remove buildings from any area acquired by the Authority or a business entity; (b) To provide decent, safe and sanitary rural dwellings, apartments or other living…

NRS 315.971 “Local authority” defined. “Local authority” means an authority as defined in NRS 315.170. (Added to NRS by 1973, 616; A 1975, 22; 2021, 1090)

NRS 315.972 “Obligee” defined. “Obligee” includes any bondholder, agent or trustee for any bondholder, or lessor demising to the Authority property used in connection with a housing project, or any assignee or assignees of such lessor’s interest or any part thereof, and the Feder…

NRS 315.973 “Persons of low and moderate income” defined. “Persons of low and moderate income” means individuals or families who meet the criteria for attainable housing. (Added to NRS by 1973, 616; A 2005, 221; 2021, 1090)

NRS 315.976 “Town” defined. “Town” means any unincorporated town formed pursuant to the provisions of chapter 269 of NRS. (Added to NRS by 1973, 616) Administration

NRS 315.977 Creation of Authority; appointment of commissioners; quorum; majority vote required to carry question. 1. The Nevada Rural Housing Authority, consisting of five commissioners, is hereby created. 2. The commissioners must be appointed as follows: (a) Two commissioners …

NRS 315.978 Certificate of appointment or reappointment of commissioner: Filing. A certificate of the appointment or reappointment of any commissioner shall be filed in the Office of the Secretary of State and in the Office of the Authority, and such certificate is conclusive evi…

NRS 315.979 Organization of Authority: Officers; bylaws and rules; employees; report and recommendations. 1. As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a Chair and Vice Chair and by adopting bylaws and…

NRS 315.980 Compensation of commissioners. Each commissioner is entitled to receive compensation of not more than $250 per day, as fixed by the Authority, for attendance at meetings of the Authority. (Added to NRS by 1973, 617; A 1975, 298; 1981, 1979; 1985, 414; 1987, 524; 2025,…

NRS 315.981 Conflicts of interest. 1. A commissioner or employee of the Authority shall not voluntarily acquire any interest, direct or indirect, except as a residential tenant, in any housing project, in any property included or planned to be included in any housing project, in …

NRS 315.982 Removal of commissioners; filling of vacancy in office. A commissioner of the Authority may be removed from office, after a public hearing, by a majority vote of the other commissioners for neglect of duty or malfeasance in office. A vacancy in office must be filled f…

NRS 315.983 Nature and functions; general powers; creation of business entity for development, operation or management of housing projects. 1. Except as otherwise provided in NRS 354.474 and 377.057, the Authority: (a) Shall be deemed to be a public body corporate and politic, an…

NRS 315.9835 Area of operation. 1. The Authority may: (a) Except as otherwise provided in paragraph (b), operate in any area of the State which is not included within the corporate limits of a city or town having a population of 150,000 or more. (b) Provide services in any area o…

NRS 315.984 Powers of Authority concerning housing projects and low-rent housing. 1. The Authority may, within its area of operation, prepare, carry out, operate and otherwise manage housing projects and provide for the construction, reconstruction, improvement, extension, altera…

NRS 315.98425 Powers of business entity concerning housing projects; inapplicability of Open Meeting Law to meetings of business entity. 1. A business entity may: (a) Within the area of operation of the Authority: (1) Prepare, carry out, operate and otherwise manage housing proje…

NRS 315.988 Powers of Authority under Housing Authorities Law of 1947. 1. The Authority may exercise all or any part or combination of the powers granted to local authorities in NRS 315.450, 315.460 and 315.470 in connection with contracts, property, investments and related matte…

NRS 315.989 State projects subject to local ordinances. All housing projects of the Authority shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality in which the housing project is situated. (Added to NRS by 197…

NRS 315.990 Payments in lieu of taxes. The Authority or a business entity, as applicable, shall agree with the governing body of each affected city, town, county or other political subdivision to make such payments in lieu of taxes as it finds consistent with the achievement of t…

NRS 315.991 Acquisition, operation or disposition of property by public agencies: Law applicable. No provision of law with respect to the acquisition, operation or disposition of property by other public agencies shall be applicable to the Authority. (Added to NRS by 1973, 619)

NRS 315.992 Exemption of property from execution, process and judgment lien; enforcement of certain encumbrances, pledges and liens. 1. Except as otherwise provided in subsection 2, all real and personal property of the Authority, including money, owned or held by it for the purp…

NRS 315.993 Projects not to be constructed or operated for profit by Authority; fixing of rentals or payments. 1. The Authority shall not construct or operate any housing project for profit. 2. The Authority shall manage and operate its housing projects in an efficient manner so …

NRS 315.994 Tenant selection. 1. In the operation or management of its housing projects, the Authority shall at all times observe the following duties with respect to rentals and tenant admissions: (a) It may rent or lease the dwelling accommodations therein only to persons of lo…

NRS 315.9943 Tenant eligibility: Money deposited in individual development account not considered income. The Authority shall not consider money deposited in an individual development account pursuant to NRS 422A.493 by a tenant of a housing project operated by the Authority to b…

NRS 315.9945 Duty of Authority to ensure provision of instruction in financial literacy to tenant who deposits income in individual development account. 1. In addition to the training provided by the State Treasurer pursuant to paragraph (m) of subsection 1 of NRS 226.110, the Au…

NRS 315.995 Remedies of Authority’s obligee: Effect of NRS 315.993 and 315.994. Nothing contained in NRS 315.993 and 315.994 shall be construed as limiting the power of the Authority to vest in an obligee the right, in the event of a default by the Authority, to take possession t…

NRS 315.996 Powers of state public bodies respecting housing projects. The provisions of NRS 315.550 apply to housing projects of the Authority undertaken pursuant to the provisions of NRS 315.961 to 315.99874, inclusive, in the same manner and to the same extent as they apply to…

NRS 315.9981 Definitions. As used in NRS 315.9981 to 315.99874, inclusive, unless the context otherwise requires, the words and terms defined in NRS 315.99815 to 315.99828, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2005, 211)

NRS 315.99815 “Lending institution” defined. “Lending institution” means any bank or trust company, Federal National Mortgage Association approved mortgage company, national banking association, savings and loan association, savings bank or other financial institution or governme…

NRS 315.99818 “Mortgage” defined. “Mortgage” means a mortgage deed, deed of trust or other instrument which constitutes a lien on real property in fee simple or on a leasehold under a lease whose remaining term, at the time such mortgage is acquired, does not expire for at least …

NRS 315.9982 “Mortgage loan” defined. “Mortgage loan” means an interest-bearing obligation secured by a mortgage on land and improvements in this State. (Added to NRS by 2005, 211)

NRS 315.99825 “Real property” defined. “Real property” means all lands, including rights to space above the lands, improvements and fixtures on the lands and property of any nature appurtenant to or used in connection with the lands, and every estate, interest and right, legal or…

NRS 315.99828 “Residential housing” defined. “Residential housing” means one or more new or existing residential dwelling units financed pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, for the primary purpose of providing decent, safe and sanitary dwelling acc…

NRS 315.9983 Mortgages and loans: Generally. The Authority may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans to finance the acquisition, construction, development, renewal, redevelopment, rehabilitation or refinancin…

NRS 315.99832 Mortgages and loans: Security; repayment; interest. Any mortgage loan made by the Authority must be secured in such manner, be repaid in such period and bear interest at such rate or rates as are determined by the Authority. (Added to NRS by 2005, 212)

NRS 315.99834 Mortgages and loans: Related powers. The Authority may: 1. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default; 2. Waive any default or consent to the modification of the terms of any mortgage; 3. Commence any action to p…

NRS 315.99836 Mortgages and loans: Fees and charges. The Authority may charge and collect such fees and charges as the Authority may establish from time to time for its making of mortgage loans for residential housing. (Added to NRS by 2005, 213)

NRS 315.99838 Mortgages and loans: Insurance. The Authority may procure insurance against any loss in connection with its property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as it deems desirable. (Added to NRS by 2005, 213)

NRS 315.9984 Findings necessary for financing. The Authority shall not finance any residential housing unless, before such financing, the Authority finds that: 1. There exists a shortage of decent, safe and sanitary housing at rentals or prices which eligible families can afford …

NRS 315.99842 Notes, bonds and other obligations: Issuance; amounts; payment. 1. The Authority may issue its negotiable notes and bonds in such principal amount as the Authority determines to be necessary to provide sufficient money for achieving any of its statutory purposes, in…

NRS 315.99844 Notes, bonds and other obligations: Type; interest; sale. The bonds issued pursuant to NRS 315.99842 may be issued as serial bonds payable in annual installments or as term bonds, or as a combination thereof. The notes and bonds must bear interest at such a rate or …