Nevada § 315.560 - Federal aid
Full text of Nevada Nevada Revised Statutes § 315.560 — Federal aid, with citation guidance and answers to common questions.
§ 315.560. Federal aid
1. In addition to the powers conferred upon an authority by other provisions of NRS 315.140 to 315.7813 , inclusive, an authority may: (a) Borrow money or accept contributions, grants or other financial assistance from
the Federal Government for or in aid of any housing project within its area of operation. (b) Take over or lease or manage any housing project or undertaking constructed or
owned by the Federal Government, and to these ends, to comply with such conditions
and enter into such mortgages, trust indentures, leases or agreements as may be necessary,
convenient or desirable. 2. In any contract with the Federal Government for annual contributions to an authority,
the authority may obligate itself (which obligation shall be specifically enforceable
and shall not constitute a mortgage, notwithstanding any other laws) to convey to
the Federal Government possession of or title to the project to which such contract
relates, upon the occurrence of a substantial default (as defined in such contract)
with respect to the covenants or conditions to which the authority is subject. Such contract may further provide that in case of such conveyance, the Federal Government
may complete, operate, manage, lease, convey or otherwise deal with the project in
accordance with the terms of such contract; provided, that the contract requires
that, as soon as practicable after the Federal Government is satisfied that all defaults
with respect to the project have been cured and that the project will thereafter be
operated in accordance with the terms of the contract, the Federal Government shall
reconvey to the authority the project as then constituted. 3. It is the purpose and intent of NRS 315.140 to 315.7813 , inclusive, to authorize every authority to do any and all things necessary or desirable
to secure the financial aid or cooperation of the Federal Government in the undertaking,
construction, maintenance or operation of any housing project by such authority.
Frequently Asked Questions About Nevada § 315.560
What does Nevada Revised Statutes § 315.560 cover?
Section 315.560 ("Federal aid") 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 § 315.560?
A common citation format is "Nevada Revised Statutes § 315.560" (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 § 315.560 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.