NRS 319.510
Use and distribution of money in Account.


1.

Except as otherwise provided in subsection 2, money deposited in the Account for Affordable Housing must be used:

(a)

For the acquisition, construction or rehabilitation of affordable housing for eligible families by public or private nonprofit charitable organizations, housing authorities or local governments through loans, grants or subsidies;

(b)

To provide technical and financial assistance to public or private nonprofit charitable organizations, housing authorities and local governments for the acquisition, construction or rehabilitation of affordable housing for eligible families;

(c)

To provide funding for projects of public or private nonprofit charitable organizations, housing authorities or local governments that provide assistance to or guarantee the payment of rent or deposits as security for rent for eligible families, including homeless persons;

(d)

To reimburse the Division for the costs of administering the Account;

(e)

To assist eligible persons by supplementing their monthly rent for the manufactured home lots, as defined by NRS 118B.016, on which their manufactured homes, as defined by NRS 118B.015, are located; and

(f)

In any other manner consistent with this section to assist eligible families in obtaining or keeping affordable housing, including use as the State’s contribution to facilitate the receipt of related federal money.

2.

Except as otherwise provided in this subsection, the Division may expend money from the Account as reimbursement for the necessary costs of efficiently administering the Account and any money received pursuant to 42 U.S.C. §§ 12701 et seq. In no case may the Division expend more than $40,000 per year or an amount equal to 6 percent of any money made available to the State pursuant to 42 U.S.C. §§ 12701 et seq., whichever is greater. In addition, the Division may expend not more than $175,000 per year from the Account to create and maintain the statewide low-income housing database required by NRS 319.143. The Division may expend not more than $75,000 per year of the money deposited in the Account pursuant to NRS 375.070 for the purpose set forth in paragraph (e) of subsection 1. Of the remaining money allocated from the Account:

(a)

Except as otherwise provided in subsection 3, 15 percent must be distributed to the Division of Welfare and Supportive Services of the Department of Health and Human Services for use in its program developed pursuant to 45 C.F.R. § 233.120, as that section existed on December 4, 1997, to provide emergency assistance to needy families with children, subject to the following:

(1)

The Division of Welfare and Supportive Services shall adopt regulations governing the use of the money that are consistent with the provisions of this section.

(2)

The money must be used solely for activities relating to affordable housing that are consistent with the provisions of this section.

(3)

The money must be made available to families that have children and whose income is at or below the federally designated level signifying poverty.

(4)

All money provided by the Federal Government to match the money distributed to the Division of Welfare and Supportive Services pursuant to this section must be expended for activities consistent with the provisions of this section.

(b)

Eighty-five percent must be distributed to public or private nonprofit charitable organizations, housing authorities and local governments for the acquisition, construction and rehabilitation of affordable housing for eligible families, subject to the following:

(1)

Priority must be given to those projects that qualify for the federal tax credit relating to low-income housing.

(2)

Priority must be given to those projects that anticipate receiving federal money to match the state money distributed to them.

(3)

Priority must be given to those projects that have the commitment of a local government to provide assistance to them.

(4)

All money must be used to benefit families whose income does not exceed 120 percent of the median income for families residing in the same county, as defined by the United States Department of Housing and Urban Development.

(5)

Not less than 15 percent of the units acquired, constructed or rehabilitated must be affordable to persons whose income is at or below the federally designated level signifying poverty. For the purposes of this subparagraph, a unit is affordable if a family does not have to pay more than 30 percent of its gross income for housing costs, including both utility and mortgage or rental costs.

(6)

To be eligible to receive money pursuant to this paragraph, a project must be sponsored by a local government.

3.

The Division may, pursuant to contract and in lieu of distributing money to the Division of Welfare and Supportive Services pursuant to paragraph (a) of subsection 2, distribute any amount of that money to private or public nonprofit entities for use consistent with the provisions of this section.

Source: Section 319.510 — Use and distribution of money in Account., https://www.­leg.­state.­nv.­us/NRS/NRS-319.­html#NRS319Sec510.

319.020
Legislative findings and declaration
319.030
Definitions.
319.040
“Administrator” defined.
319.042
“Affordable housing” defined.
319.045
“Collateralized mortgage obligation” defined.
319.050
“Division” defined.
319.060
“Eligible family” defined.
319.070
“Governmental agency” defined.
319.090
“Lending institution” defined.
319.100
“Mortgage” defined.
319.110
“Mortgage loan” defined.
319.115
“Person with a disability” defined.
319.120
“Real property” defined.
319.130
“Residential housing” defined.
319.135
“Sponsor” defined.
319.140
General powers and duties of Division
319.141
Housing Advocate: Creation of position
319.143
Division required to create and maintain statewide low-income housing database
319.145
Designation as housing credit agency
319.147
Certification of assisted living facilities: Requirements
319.167
Division may enter into instruments, agreements and other transactions for certain purposes.
319.169
Account for Housing Inspection and Compliance: Creation
319.170
Funds and accounts
319.171
Investment in collateralized mortgage obligations or trusts.
319.172
Authority to make loans of investment securities.
319.173
Advisory Committee on Housing: Creation
319.174
Advisory Committee on Housing: Creation
319.190
Authority to make loans and issue letters of credit.
319.200
Terms and conditions of mortgage loan.
319.210
Investment in mortgages.
319.220
Mortgages in default: Foreclosure
319.230
Loans to or purchase of securities from lending institutions
319.235
Financing rental sites for mobile homes and equipment for conservation of energy in residential dwelling units.
319.240
Lending fees and charges.
319.250
Insurance.
319.260
Prerequisites to financing residential housing.
319.265
Requirements for regulations adopted by Division that establish program for financing certain residential housing projects.
319.267
Duty of certain owners of residential housing to submit quarterly report to Aging and Disability Services Division of Department of Health and Human Services.
319.270
Notes and bonds: Issuance
319.290
Notes and bonds: Pledges as security.
319.300
Bonds: Trust indentures as security.
319.310
Notes and bonds: Guarantees of payment.
319.320
Notes and bonds: Redemption
319.323
Issuance of collateralized mortgage obligations
319.325
Division may provide that bonds, notes or loans be insured or secured
319.327
Exemption of interest on Division’s bonds from federal income taxation: Waiver
319.330
Refunding obligations: Issuance, sale and exchange.
319.340
Bond reserve funds: Establishment
319.350
Bond reserve funds: Limitations.
319.360
Bond reserve funds: Purpose
319.370
Remedies of bondholders and noteholders.
319.380
Pledge against impairment of holders’ rights and remedies
319.390
Notes and bonds as legal investments.
319.500
Creation
319.510
Use and distribution of money in Account.
319.520
Regulations concerning distribution and use of money in Account
319.530
Pets must be allowed in housing acquired, constructed or rehabilitated with money from Account
319.900
False statements
Last Updated

Jun. 24, 2021

§ 319.510’s source at nv​.us