Nev. Admin. Code § 319.7125 - Prerequisites required of sponsor to receive financing

To receive financing from the Division for a project, the sponsor must:

1. Pay the application fee described in NAC 319.700;

2. Prove to the satisfaction of the Division that the project will comply with the provisions of NAC 319.600 to 319.790, inclusive; and

3. Submit the following documents, as applicable, to the Division:

(a) If the source of funding for the project is the sale of bonds through:

(1) A private placement, a letter stating a final 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

(2) A public sale, a letter from a nationally recognized statistical rating organization, stating a final confirmation that the bonds will be assigned a rating of not less than A/A3 or an equivalent rating as determined by that organization;

(b) If tax-credit equity is to be used as a source of funding for the project, a letter stating a final commitment from the tax-credit syndicator or tax-credit purchaser verifying the amount and timing of money from the sale of tax credits less all associated fees;

(c) A document describing:

(1) The proposed final sources and uses of funds for the project, including, without limitation, net bond proceeds, tax-credit equity, grants and any subordinated debt; and

(2) The proposed draw schedule for use of bond proceeds;

(d) The partnership agreement or articles of incorporation of the sponsor;

(e) The certificate of registration issued by the Secretary of State pursuant to NRS NRS 86.545 or 88.580, as applicable, for the sponsor;

(f) The articles of organization and any resolutions or operating agreements that establish the authority of a person to sign documents associated with the financing of the project;

(g) A written contract to purchase or option to purchase the property on which the project is to be built, or a title report showing ownership of the property on which the project is to be built;

(h) A title report for the site of the project that includes a list of all exceptions and a pro forma American Land Title Association policy to be issued to the lending organization;

(i) A copy of the most recent Phase I Environmental Report, that is less than 12 months old, for the site of the project;

(j) A copy of the most recent geotechnical report, that is less than 12 months old, for the site of the project;

(k) A copy of a certified appraisal of the site of the project that is performed by an appraiser certified pursuant to chapter 645C of NRS or that is approved by the credit enhancer;

(l) A copy of a certified survey of the site of the project which is American Land Title Association qualified;

(m) A copy of any development agreement with the owner of the proposed project;

(n) A copy of any management agreement to be used for the proposed project;

(o) A copy of any general contractor's agreement between the sponsor and the proposed general contractor for the project;

(p) A parcel map of the site of the project that is recorded with the county recorder;

(q) If the site of the project is located on a flood zone as designated by the Federal Emergency Management Agency, a map that shows the bounds of the flood zone, the property on which the project is to be located and the project;

(r) A copy of the zoning restrictions on the site of the project showing that the applicable zoning laws and regulations allow for the development of the project on the site;

(s) An audit or report, completed by a specialist in the efficient use of energy who is approved by the Division, which details the components of the project which are necessary for the efficient use of energy and which must be installed and used in the construction or rehabilitation of the project; and

(t) A physical assessment of the capital needs of any project that is more than 10 years old.

Notes

Nev. Admin. Code § 319.7125

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