Nevada Administrative Code
Chapter 319 - Assistance to Finance Housing
LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES
Section 319.7115 - Prerequisites for project to receive volume cap from Division
Universal Citation: NV Admin Code 319.7115
Current through December 12, 2024
1. For a project to receive volume cap from the Division:
(a) The findings of the Administrator relating to the project must be approved by the State Board of Finance pursuant to chapter 319 of NRS; and
(b) The project must have the support of a local government as described in subsection 2.
2. Except as otherwise provided in this subsection and subsection 3 of NAC 319.711, the Division shall not provide financing to a project unless one or more local governments will provide a minimum of 50 percent of the total volume cap for the project. The Division may:
(a) Finance a project that has less than 50 percent of the total volume cap from a local government if the project is in a rural community.
(b) If the Division receives from a local government a letter indicating support of a project and the Division has sufficient volume cap to provide to the project, provide volume cap to a project to which one or more local governments have not provided a minimum of 50 percent of the total volume cap.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R114-14, eff. 10/27/2015
NRS 319.140
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