NAC319.497. “Qualified organization” defined.

Latest version.

“Qualified organization” means an organization which:

     1. Is a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. § 501(c)(3);

     2. Is in good standing with the Office of the Secretary of State;

     3. Has the specifically designated purpose of promoting affordable or subsidized single-family housing located within this State;

     4. Has demonstrated the ability for a period of not less than 5 consecutive years to process and service loans either directly or in conjunction with a loan servicer approved by the Division; and

     5. Has a financial net worth of not less than $1,000,000.

(Added to NAC by Housing Div. by R192-08, eff. 12-17-2008)

                    
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