NAC319.7145. Review of contract for sale of land.

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When determining whether to approve a loan application, the Division shall review the contract for the sale of land on which the project is to be built. If the contract reveals a high percentage markup of the cost of the land without documented improvements that add value, the Division may disapprove the application or decrease the amount of financing that it will provide by the amount of the markup that is disapproved by the Division.

(Added to NAC by Housing Div. by R093-00, eff. 11-20-2000)

                    
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