NRS 244.287
Conveyance of property to nonprofit organization for development of affordable housing: Application
- public hearing
- conditions
- annual list of property conveyed
- subordination of interest in property conveyed.
1.
A nonprofit organization may submit to a board of county commissioners an application for conveyance of property that is owned by the county if the property was:(a)
Received by donation for the use and benefit of the county pursuant to NRS 244.270.(b)
Purchased by the county pursuant to NRS 244.275.2.
Before the board of county commissioners makes a determination on such an application for conveyance, it shall hold at least one public hearing on the application. Notice of the time, place and specific purpose of the hearing must be:(a)
Published at least once in a newspaper of general circulation in the county.(b)
Mailed to all owners of record of real property which is located not more than 300 feet from the property that is proposed for conveyance.(c)
Posted in a conspicuous place on the property that is proposed for conveyance.3.
The board of county commissioners may approve such an application for conveyance if the nonprofit organization demonstrates to the satisfaction of the board that the organization or its assignee will use the property to develop affordable housing. If the board of county commissioners receives more than one application for conveyance of the property, the board must give priority to an application of a nonprofit organization that demonstrates to the satisfaction of the board that the organization or its assignee will use the property to develop affordable housing for persons who are disabled or elderly.4.
If the board of county commissioners approves an application for conveyance, it may convey the property to the nonprofit organization without consideration. Such a conveyance must not be in contravention of any condition in a gift or devise of the property to the county.5.
As a condition to the conveyance of the property pursuant to subsection 4, the board of county commissioners shall enter into an agreement with the nonprofit organization that requires the nonprofit organization or its assignee to use the property to provide affordable housing for at least 50 years. If the nonprofit organization or its assignee fails to use the property to provide affordable housing pursuant to the agreement, the board of county commissioners may take reasonable action to return the property to use as affordable housing, including, without limitation:(a)
Repossessing the property from the nonprofit organization or its assignee.(b)
Transferring ownership of the property from the nonprofit organization or its assignee to another person or governmental entity that will use the property to provide affordable housing.6.
The agreement required by subsection 5 must be recorded in the office of the county recorder of the county in which the property is located and must specify:(a)
The number of years for which the nonprofit organization or its assignee must use the property to provide affordable housing; and(b)
The action that the board of county commissioners will take if the nonprofit organization or its assignee fails to use the property to provide affordable housing pursuant to the agreement.7.
A board of county commissioners that has conveyed property pursuant to subsection 4 shall:(a)
Prepare annually a list which includes a description of all property that was conveyed to a nonprofit organization pursuant to this section; and(b)
Include the list in the annual audit of the county which is conducted pursuant to NRS 354.624.8.
If, 5 years after the date of a conveyance pursuant to subsection 4, a nonprofit organization or its assignee has not commenced construction of affordable housing, or entered into such contracts as are necessary to commence the construction of affordable housing, the property that was conveyed automatically reverts to the county.9.
A board of county commissioners may subordinate the interest of the county in property conveyed pursuant to subsection 4 to a first or subsequent holder of a mortgage on that property to the extent the board deems necessary to promote investment in the construction of affordable housing.10.
As used in this section, unless the context otherwise requires:(a)
“Affordable housing” has the meaning ascribed to it in NRS 278.0105.(b)
“Nonprofit organization” means an organization that is recognized as exempt pursuant to 26 U.S.C. § 501(c)(3).
Source:
Section 244.287 — Conveyance of property to nonprofit organization for development of affordable housing: Application; public hearing; conditions; annual list of property conveyed; subordination of interest in property conveyed., https://www.leg.state.nv.us/NRS/NRS-244.html#NRS244Sec287.