NAC319.730. Obligation of sponsor.

Every project must be designed, developed and operated in a manner consistent with all federal and state laws and regulations governing the tax-exempt status of the Division’s obligations, including, but not limited to:

     1. The maximum percentage of floor space, loan proceeds, development costs or project revenues which may be attributed to other than residential uses;

     2. The marketing plan employed by the sponsor;

     3. The percentage of living units occupied by tenants of very low, low and moderate income who receive assistance in paying rent and who are self-sufficient; and

     4. The maximum amount of bond proceeds which may be paid to any sponsor.

     [Housing Division, Loans for Multifamily Homes Reg. § 6, eff. 7-23-80]