Nevada Administrative Code
Chapter 319 - Assistance to Finance Housing
LOANS FOR CONSERVATION OF ENERGY
Section 319.822 - Requirements for loan
Universal Citation: NV Admin Code 319.822
Current through December 12, 2024
Each loan to conserve energy which the Division purchases under the program must:
1. Be insured by the Federal Housing Administration or by private insurance which guarantees the mortgage or must be guaranteed by the Department of Veterans Affairs; and
2. Provide, to the extent allowed by any federal or state law or regulation, that:
(a) The loan may be assumed only by an eligible borrower; and
(b) If the borrower rents the dwelling unit to another person without the consent of the Administrator or otherwise fails to occupy the unit as his or her principal residence, the Administrator will:
(1) Accelerate the rate of interest to the prevailing rate at the time the loan was made; or
(2) Accelerate to maturity the balance of the payments on the loan.
Added to NAC by Housing Division, eff. 12-16-82; A by R078-24A, eff. 9/10/2024
NRS 319.140
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