Nevada § 315.993 - Projects not to be constructed or operated for profit by Authority; fixing of rentals or payments

§ 315.993. Projects not to be constructed or operated for profit by Authority; fixing of rentals or payments

1. The Authority shall not construct or operate any housing project for profit. 2. The Authority shall manage and operate its housing projects in an efficient manner

so as to enable it to fix the rentals or payments for dwelling accommodations at low

rates consistent with its providing decent, safe and sanitary dwelling accommodations

for persons of low and moderate income. 3. The Authority shall fix the rentals or payments for dwellings in its housing projects

at no higher rates than are necessary to produce revenue which, together with all

other available money, revenue, income and receipts of the Authority from whatever

sources derived, will be sufficient: (a) To pay, as it becomes due, the principal and interest on the bonds of the Authority. (b) To create and maintain such reserves as may be required to assure the payment

of principal and interest as it becomes due on its bonds. (c) To meet the cost of, and to provide for, maintaining and operating the housing

projects, including necessary reserves therefor and the cost of any insurance, and

the administrative expenses of the Authority. (d) To make such payments in lieu of taxes as it determines are consistent with the

maintenance of the low-rent character of the housing projects. 4. For the purposes of this section, a housing project constructed or operated by

the Authority that is eligible for credit for low-income housing pursuant to 26 U.S.C. § 42 is not constructed or operated for profit. 5. Nothing in this section shall be construed to: (a) Prohibit a business entity from taking any action authorized by NRS 315.98425 ; or (b) Impose restrictions on a business entity taking any action authorized by NRS 315.98425 .