Nevada Administrative Code
Chapter 408 - Highways, Roads and Transportation Facilities
INSTALLATION AND RELOCATION OF FACILITIES AND ENCROACHMENTS
Section 408.Sec. 18 - NEW

Universal Citation: NV Admin Code 408.Sec. 18

Current through September 16, 2024

1. The Affordable Housing Revolving Account is hereby established as a revolving account in the Nevada State Infrastructure Bank Fund.

2. The Board of Directors may approve an application for a loan or other financial assistance from the Affordable Housing Revolving Account if, in addition to satisfying the requirements of this chapter and chapter 408 of NRS:

(a) The loan or other financial assistance will be used solely to finance all or part of the eligible costs of an eligible project for the development, construction, repair, improvement, maintenance or acquisition of a multifamily housing project which:
(1) May include space dedicated to non-residential uses provided that the rentable area of the project dedicated to residential housing is not less than 75 percent of the total rentable area of the project; and

(2) Is affordable housing as defined in NRS 278.0105;

(b) The amount of the loan or other financial assistance will be matched by an equal or greater amount of a loan or other financial assistance provided by a pension fund investor or a commingled fund of pension fund investments with a demonstrated track record of successful investment in affordable housing; and

(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council.

3. Construction on a qualified project for which all or part of the costs of the qualified project are paid for using a loan or other financial assistance from the Affordable Housing Revolving Account must be performed under a project labor agreement.

4. Loans and other financial assistance through the Affordable Housing Revolving Account must not exceed $20 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a loan or other financial assistance in a greater amount.

5. The loan or other financial assistance provided through the Affordable Housing Revolving Account must be structured as subordinate debt to pension fund investors making a significant investment in the project.

Added to NAC by Dep't of Transportation by R017-22A, eff. 4/19/2022

NRS 408.55071

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.