Nevada Administrative Code
Chapter 319 - Assistance to Finance Housing
LOANS FOR MULTIPLE-UNIT HOUSING AND SITES FOR MOBILE HOMES
Section 319.712 - Prerequisites for submission of project to State Board of Finance for approval
Universal Citation: NV Admin Code 319.712
Current through February 27, 2024
The Division shall not submit a project to the State Board of Finance for approval unless the Division determines that:
1. For bonds which will be sold through:
(a) A private placement, the project has a preliminary commitment for direct purchase of the proposed loan or bonds from a commercial bank or institutional lender that has been approved by the Division; or
(b) A public sale, the Division has received preliminary evidence acceptable to the Division that the bonds will be assigned a rating of not less than A/A3 or an equivalent rating as determined by a nationally recognized statistical rating organization;
2. If tax-credit equity is to be part of the total financing, the project has a preliminary commitment or letter of intent from the tax-credit equity investor; and
3. Sources of funding for the proposed project have all been identified and are adequate to fund the project to completion.
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R124-04, 10-4-2004; A by R114-14, eff. 10/27/2015
NRS 319.140
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