Nevada Administrative Code
Chapter 319 - Assistance to Finance Housing
EMPLOYER-ASSISTED HOUSING PROGRAMS
Section 319.497 - "Qualified organization" defined

Universal Citation: NV Admin Code 319.497

Current through September 16, 2024

"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);

2. Is in good standing with the Office of the Secretary of State;

3. Has the specifically designated purpose of promoting affordable or subsidized single-family housing located within this State;

4. Has demonstrated the ability for a period of not less than 5 consecutive years to process and service loans either directly or in conjunction with a loan servicer approved by the Division; and

5. Has a financial net worth of not less than $1,000,000.

Added to NAC by Housing Div. by R192-08, eff. 12-17-2008

NRS 319.140, § 3 of ch. 348, Stats. 2007

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