NAC319.712. Prerequisites for submission of project to State Board of Finance for approval.

Latest version.

The Division shall not submit a project to the State Board of Finance for approval unless the Division determines that:

     1. The project has binding commitments on either the mortgage or bonds, as required, from a credit enhancer who has a credit rating on his or her outstanding long-term debt of not less than “Aa2” by Moody’s Investors Service, Inc., or “AA” by Standard and Poor’s Ratings Services, or their successors, if any, and has been approved by the Division;

     2. If tax-credit equity is to be part of the total financing, the project has binding commitments from the tax-credit equity investor; and

     3. Sources of funding for the proposed project have all been identified and are adequate to fund the project to completion.

(Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R124-04, 10-4-2004)

                    
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