NAC319.810. “Residential use” defined.

Latest version.

     1. “Residential use” means:

     (a) In the case of a single-family home, the use of a structure as the principal residence of an eligible borrower; and

     (b) In the case of multiple-unit housing, the use of each dwelling unit as the principal residence of the occupant.

     2. The term does not include the use of a structure as a recreational home or property for investment in a trade or business. Any portion of the structure designed or used for any purpose other than as a principal residence must not exceed 15 percent of the usable area of the structure.

(Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88)

                    
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