NAC319.7175. Property ownership; obligations unrelated to project.

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Each project must be owned by a natural person or a single entity that is formed for the sole purpose of developing the project. The sponsor shall not encumber the project to secure any obligation unrelated to the project and may not provide in any bond, mortgage or loan document that a default on any obligation unrelated to the project is a default with respect to the project.

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

                    
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