Nevada § 279A.030 - County or city may establish program; contents of ordinance

§ 279A.030. County or city may establish program; contents of ordinance

1. The governing body of a county or city may adopt an ordinance establishing a program

for the rehabilitation of residential neighborhoods in that county or city. 2. The ordinance must contain provisions: (a) Establishing an agency, or designating an existing agency, of the county or city

to administer the program. (b) Creating a revolving fund for loans for the rehabilitation of residential property

and designating the amount of the original allocation of money by the governing body

for the fund. (c) Providing the criteria and procedures for allocating additional money to the fund. (d) Providing the maximum amount of a loan from the fund and the period and rate of

interest of each loan. (e) Setting forth the criteria for determining the eligibility of an applicant for

a loan and of property for rehabilitation. (f) Setting forth that, with respect to a residential property rehabilitated pursuant

to this chapter, the monthly mortgage payment or monthly rent, as applicable, must

not, during the term of any loan made pursuant to this chapter, exceed 50 percent

of the gross monthly income of the household occupying the residential property. (g) Establishing such other requirements for participation in the program as the governing

body considers necessary.