Title 25

NRS 319.090 “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 government…

NRS 319.100 “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 th…

NRS 319.110 “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 1975, 627)

NRS 319.115 “Person with a disability” defined. “Person with a disability” has the meaning ascribed to it in NRS 433.5473. (Added to NRS by 2009, 539)

NRS 319.120 “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 e…

NRS 319.130 “Residential housing” defined. “Residential housing” means one or more new or existing residential dwelling units financed pursuant to the provisions of this chapter for the primary purpose of providing decent, safe and sanitary dwelling accommodations for eligible fa…

NRS 319.135 “Sponsor” defined. “Sponsor” means any natural person, association, corporation, joint venture, partnership, trust, state agency, municipality or other legal entity, or any combination thereof, which: 1. Has been approved by the Division to acquire, own, construct, re…

NRS 319.140 General powers and duties of Division; audit; exemption from State Purchasing Act. 1. The Division shall administer the provisions of this chapter. The Administrator may adopt, amend or rescind regulations, consistent with the provisions of this chapter, appropriate t…

NRS 319.141 Housing Liaison: Creation of position; appointment; classification; qualifications; duties; removal. 1. The Housing Liaison is hereby created within the Division. 2. The Administrator shall appoint a person to serve in the position of Housing Liaison. The Housing Liai…

NRS 319.143 Division required to create and maintain statewide low-income housing database; annual analysis of data; certain owners of multifamily residential property required to submit quarterly report to Division; regulations. 1. The Division shall create and maintain a statew…

NRS 319.145 Designation as housing credit agency; authority to administer HOME Investment Partnership Act; duty to administer program to increase efficiency in use of energy in dwellings owned or occupied by persons of low income. 1. The Division is hereby designated as the housi…

NRS 319.147 Certification of assisted living facilities: Requirements; regulations. 1. The Division shall certify an assisted living facility for the purpose of providing services pursuant to the provisions of the home and community-based services waiver which are amended pursuan…

NRS 319.167 Division may enter into instruments, agreements and other transactions for certain purposes. 1. Upon the approval of the State Board of Finance, the Division may enter into instruments, agreements and other such transactions for one or more of the following purposes: …

NRS 319.169 Account for Housing Inspection and Compliance: Creation; administration; deposits; interest and income; claims; uses established by regulation. 1. The Account for Housing Inspection and Compliance is hereby created in the State General Fund. 2. The Account must be adm…

NRS 319.170 Funds and accounts; investments and deposits. Except as otherwise provided in NRS 319.169, 319.500 and 319.735, the Division may: 1. Establish such funds or accounts as may be necessary or desirable for furtherance of the purposes of this chapter. 2. Invest or deposit…

NRS 319.171 Investment in collateralized mortgage obligations or trusts. Except as otherwise provided in NRS 319.169 and 319.500, the Division may invest its money in collateralized mortgage obligations or in trusts created to finance, acquire or invest in collateralized mortgage…

NRS 319.172 Authority to make loans of investment securities. 1. The Division may lend any securities in which it invests pursuant to NRS 319.170 if the Division receives collateral from the borrower in the form of cash or marketable securities that are: (a) Acceptable to the Div…

NRS 319.174 Advisory Committee on Housing: Creation; members; terms; vacancies; Chair; meetings; duties. 1. There is hereby created the Advisory Committee on Housing, consisting of nine members as set forth in subsection 2. 2. The Advisory Committee consists of: (a) One member wh…

NRS 319.190 Authority to make loans and issue letters of credit. 1. The Division may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans and may make temporary loans and advances in anticipation of mortgage loans to financ…

NRS 319.200 Terms and conditions of mortgage loan. Any mortgage loan made by the Division must be secured in such manner, be repaid in such period and bear interest at such rate or rates as are determined by the Division. (Added to NRS by 1975, 628; A 2001, 2122; 2003, 2194; 2009…

NRS 319.210 Investment in mortgages. 1. The Division may: (a) Invest in, purchase or make commitments to purchase, and take assignments from lending institutions of mortgage loans and promissory notes accompanying such mortgage loans, including mortgage loans or participations wi…

NRS 319.220 Mortgages in default: Foreclosure; modification of terms. The Division 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. Commen…

NRS 319.230 Loans to or purchase of securities from lending institutions; collateral. 1. The Division may: (a) Make loans to lending institutions under terms and conditions requiring the proceeds of the loans to be used by the lending institutions for the making of new mortgage l…

NRS 319.235 Financing rental sites for mobile homes and equipment for conservation of energy in residential dwelling units. The Division may finance, through the use of any power conferred on it by this chapter: 1. The acquisition and improvement of real property to be used for r…

NRS 319.240 Lending fees and charges. The Division may charge and collect such fees and charges as the Division may establish from time to time for its lending and mortgage purchase programs. (Added to NRS by 1975, 630)

NRS 319.250 Insurance. The Division 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 1975, 630)

NRS 319.260 Prerequisites to financing residential housing. The Division shall not finance any residential housing unless, prior to such financing, the Administrator finds that: 1. There exists a shortage of decent, safe and sanitary housing at rentals or prices which eligible fa…

NRS 319.265 Requirements for regulations adopted by Division that establish program for financing certain residential housing projects. 1. If the Division adopts regulations which establish a program for the financing of projects, the regulations must not include any provision wh…

NRS 319.270 Notes and bonds: Issuance; limitation on outstanding obligations. 1. Subject to the limitation imposed by subsections 4 and 5, the Division may issue its negotiable notes and bonds in such principal amount as the Administrator determines to be necessary to provide suf…

NRS 319.280 Notes and bonds: Execution; terms; chapter 349 of NRS inapplicable. 1. The notes and bonds must be signed by the Administrator, who may use a facsimile signature for this purpose, must bear the date or dates and must mature at such a time or times as the Administrator…

NRS 319.290 Notes and bonds: Pledges as security. The Division in issuing any notes or bonds may contract with the holders thereof as to: 1. Pledging all or any part of the revenues of the Division to secure the payment of the notes or bonds subject to such agreements with noteho…

NRS 319.300 Bonds: Trust indentures as security. In the discretion of the Administrator, bonds issued by the Division may be secured by a trust indenture or trust indentures by and between the Division and a corporate trustee, which may be any trust company or bank having the pow…

NRS 319.310 Notes and bonds: Guarantees of payment. The Division may procure or agree to the procurement of insurance or guarantees from any governmental agency or from any private insurance company, of the payment of any bonds or notes or any other evidences of indebtedness ther…

NRS 319.320 Notes and bonds: Redemption; remarketing or refunding. 1. The Division, subject to such agreements with noteholders or bondholders as may then exist, may, out of any money available therefor, purchase its notes or bonds to retire and cancel them. The price must not ex…

NRS 319.323 Issuance of collateralized mortgage obligations; use of proceeds; submission of findings to State Board of Finance. 1. The Division may, in addition to the notes and bonds authorized by NRS 319.270, issue from time to time its collateralized mortgage obligations or ot…

NRS 319.325 Division may provide that bonds, notes or loans be insured or secured; payment of costs associated with insurance. The Division may: 1. Provide that any bonds or notes issued by the Division be insured or be secured by surety bonds, letters of credit not issued by the…

NRS 319.327 Exemption of interest on Division’s bonds from federal income taxation: Waiver; issuance of obligations not exempt from taxation. The Division may: 1. Waive, by such means as the Division deems appropriate, any exemption from federal income taxation of interest on the…

NRS 319.330 Refunding obligations: Issuance, sale and exchange. 1. The Division may issue refunding obligations to refund any obligations then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any …

NRS 319.340 Bond reserve funds: Establishment; use; requirements. 1. The Division may establish one or more bond reserve funds, and shall pay into each such bond reserve fund: (a) Any money appropriated by the Legislature for the purpose of the fund; (b) Any proceeds of sale of n…

NRS 319.350 Bond reserve funds: Limitations. The Division shall not at any time issue bonds, secured in whole or in part by a bond reserve fund, if upon the issuance of those bonds, the amount in that bond reserve fund will be less than the bond reserve fund requirement for that …

NRS 319.360 Bond reserve funds: Purpose; status reports. The provision of bond reserve fund requirements is designed to assure the continued operation and solvency of the Division for the carrying out of its statutory purposes. The Administrator shall, on or before the date of co…

NRS 319.370 Remedies of bondholders and noteholders. 1. If the Division defaults in the payment of principal of or interest on any bonds or notes issued under this chapter after it is due, whether at maturity or upon call for redemption, and such default continues for a period of…

NRS 319.380 Pledge against impairment of holders’ rights and remedies; credit of State not pledged. 1. The State of Nevada hereby pledges to and agrees with the holders of any notes or bonds issued under this chapter that the State will not limit or alter the rights vested in the…

NRS 319.390 Notes and bonds as legal investments. 1. The notes and bonds of the Division are legal investments in which all public officers and public bodies of the State, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and assoc…

NRS 319.410 Definitions. As used in NRS 319.410 to 319.440, inclusive, unless the context otherwise requires: 1. “Affordability restriction” means a limit on rent that an owner may charge for occupancy of a dwelling unit in a project or a limit on the income of tenants for person…

NRS 319.420 Termination: Notice; meeting; penalties; regulations. 1. An owner who intends to terminate an affordability restriction and submit a request to the Division to obtain a qualified contract for the acquisition of a project shall provide written notice to: (a) The govern…