Nev. Admin. Code § 319.710 - Selection of projects

The Division shall finance those projects:

1. Which receive approval from a local government that governs the area which includes the project and, if the project includes private activity bonds, receive a transfer from such local government an amount of volume cap deemed necessary by the Division;

2. Which are financially feasible at the interest rate set forth in the financing documents of the project using:

(a) The agreed upon restricted rents for the rent-restricted units designated as set-aside units; and

(b) Market rents for the units which are not rent-restricted units designated as set-aside units;

3. In which rent-restricted units designated as set-aside units will be rented at or below the rents charged for comparable housing which is affordable by tenants of low or moderate income;

4. Which meet the needs identified by the Division and local government for increasing the supply or improving the quality of decent, safe and sanitary housing for eligible tenants;

5. Which comply with the requirements of NAC 319.600 to 319.790, inclusive; and

6. Which meet the underwriting criteria of the Division that is published and updated periodically by the Division.

Notes

Nev. Admin. Code § 319.710

Housing Division, Loans for Multifamily Homes Reg. § 5, eff. 7-23-80-NAC A 10-26-83; R093-00, 11-20-2000; A by R114-14, eff. 10/27/2015

NRS 319.140