NAC319.710. Selection of projects.

The Division shall finance those projects which:

     1. Receive approval from a local government that governs the area which includes the project and, if the project includes private activity bonds, receive a transfer from such local government an amount of volume cap deemed necessary by the Division;

     2. Are financially feasible at the interest rate to be charged under the Division’s program and the rents which have been agreed upon but not at the prevailing market rate of interest with such rents for the units designated as set-aside units;

     3. Will be rented at or below the rents charged for comparable housing which is affordable by tenants of low or moderate income;

     4. Meet the needs identified by the Division and local government for increasing the supply or improving the quality of decent, safe and sanitary housing for eligible tenants;

     5. Comply with the requirements of NAC 319.600 to 319.790, inclusive; and

     6. Meet the underwriting criteria of the Division that is published and updated periodically by the Division.

     [Housing Division, Loans for Multifamily Homes Reg. § 5, eff. 7-23-80]—(NAC A 10-26-83; R093-00, 11-20-2000)