Nevada § 231A.240 - Qualified low-income community investments: Percentage required to be invested in severely distressed census tracts; reduction in required percentage by Director; refinancing of investments
Full text of Nevada Nevada Revised Statutes § 231A.240 — Qualified low-income community investments: Percentage required to be invested in severely distressed census tracts; reduction in required percentage by Director; refinancing of investments, with citation guidance and answers to common questions.
§ 231A.240. Qualified low-income community investments: Percentage required to be invested in severely distressed census tracts; reduction in required percentage by Director; refinancing of investments
1. A qualified community development entity which issues qualified equity investments
under this chapter shall make qualified low-income community investments in businesses
located in severely distressed census tracts, on a combined basis with all of its
affiliated qualified community development entities that have issued qualified equity
investments under this chapter, in an amount equal to at least 30 percent of the purchase
price of all qualified equity investments issued by such entities. 2. The Director may reduce the requirement in subsection 1 to 20 percent if the qualified
community development entity uses its commercially reasonable best efforts to satisfy
the requirements of subsection 1 and fails to do so within 9 months after its initial
credit allowance date. 3. A qualified community development entity or impact qualified community development
entity which makes a qualified low-income community investment must allow the business
in which the qualified low-income community investment is made to apply to refinance
the qualified low-income investment if at least 4 years has passed since the qualified
community development entity or impact qualified community development entity made
the qualified low-income investment and the qualified low-income investment has not
previously been refinanced. 4. As used in this section, “ severely distressed census tract ” means a census tract that, in the immediately preceding census, had: (a) More than 30 percent of households with a household income below the federally
designated level signifying poverty; (b) A median household income of less than 60 percent of the median household income
in this State; or (c) A rate of unemployment that was equal to or greater than 150 percent of the national
average.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 231A.240
What does Nevada Revised Statutes § 231A.240 cover?
Section 231A.240 ("Qualified low-income community investments: Percentage required to be invested in severely distressed census tracts; reduction in required percentage by Director; refinancing of investments") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 231A.240?
A common citation format is "Nevada Revised Statutes § 231A.240" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 231A.240 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.