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.