NAC319.584. Submission and approval of applications; fee; terms of assistance.

     1. To apply for a loan, grant, service or commitment for a loan, grant or service from the Division for a project, a completed application must be submitted to the Division.

     2. Any application submitted by a sponsor organized for profit must be accompanied by a nonrefundable fee of $1,250.

     3. The Division will approve or disapprove an application for a loan, grant, service or commitment for a loan, grant or service from the Division within 90 days after it receives the application. If the application is approved, the Division will award a commitment letter to the sponsor of the project.

     4. The Division will determine the terms and conditions of each loan, grant, service or commitment for a loan, grant or service that it approves. Such terms and conditions must be consistent with accepted banking and risk analysis principles.

     (Added to NAC by Housing Div., eff. 4-13-88; A 9-1-89; R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009)