Nevada § 319.265 - Requirements for regulations adopted by Division that establish program for financing certain residential housing projects

§ 319.265. Requirements for regulations adopted by Division that establish program for financing certain residential housing projects

1. If the Division adopts regulations which establish a program for the financing

of projects, the regulations must not include any provision which restricts or requires

the deferral of more than 60 percent of the payment of profits and overhead to a developer

of a project that is: (a) Constructed, developed, financed or insured in whole or in part through any program

established by the United States Department of Housing and Urban Development; and (b) Secured by a performance bond, except that such regulations may establish the maximum amount of pro forma profit

and overhead for a developer of a project as a percentage of the appraised value of

the project. 2. As used in this section, “ project ” means a housing facility for residential use which consists of two or more dwelling

units for occupancy by eligible tenants on a rental basis. The term includes property which is to be leased, purchased or developed for sites

for multifamily housing and upon which the Division takes a security interest and

records a regulatory agreement, whether the Division issues bonds, a mortgage loan

or a letter of credit for the lease, purchase or development of the multifamily housing.