NAC319.864. Conditions for sale of land to sponsor.

     1. The Division will not sell land to a sponsor unless the sponsor:

     (a) Executes and delivers to the Division an agreement to:

          (1) Begin construction on or before a date set by mutual agreement between the Division and the sponsor; and

          (2) Reconvey the land to the Division at a price which does not exceed the sales price of the land charged by the Division to the sponsor if construction is not begun or completed as scheduled or within a reasonable time after it is scheduled to begin or to be completed.

     (b) Arranges to pay for the land in full.

     (c) Supplies a complete set of building plans to the Division.

     2. The sale of land by the Division is subject to any conditions imposed by the governmental agency that sold the land to the Division.

     3. The sponsor must covenant in the contract of sale that the sponsor and his or her successors and assigns will:

     (a) Develop eligible housing on the land; and

     (b) Use their best efforts to:

          (1) Rent the housing to families with low or moderate incomes;

          (2) Sell the housing to families with low or moderate incomes; or

          (3) Rent the housing to persons with special needs.

     (Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88; R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009)