The Legislature hereby finds and declares that: 1. There exists within the urban areas of this State a large number of deteriorated, substandard and unsanitary residential properties because of the inability of their owners, for whatever reason, to pay for their repair and maintenance; 2. These properties are a threat not only to the health, […]
As used in this chapter, unless the context otherwise requires: 1. “Affordable housing” has the meaning ascribed to it in NRS 278.0105. 2. “Agency” means an agency of a county or city established or designated to administer a program. 3. “Fund” means a revolving fund for loans for the rehabilitation of residential property. 4. “Governing […]
1. The governing body of a county or city may adopt an ordinance establishing a program for the rehabilitation of residential neighborhoods in that county or city. 2. The ordinance must contain provisions: (a) Establishing an agency, or designating an existing agency, of the county or city to administer the program. (b) Creating a revolving […]
1. An applicant for a loan for the rehabilitation of residential property must, at the time application is made: (a) Be a natural person who: (1) Is a resident of or an owner of residential property in the city or an unincorporated area of the county, as the case may be; (2) Is a member […]
1. Upon receiving an application for a loan for the rehabilitation of residential property, the agency shall: (a) Inspect the property to determine if rehabilitation of the property is feasible; and (b) Determine the amount of the loan that the condition of the property justifies. 2. After inspection of the property, the agency shall interview […]
If the governing body approves the application for a loan, the loan must be: 1. Evidenced by a promissory note, the principal amount of which must be equal to the amount of the loan, secured by a mortgage on the property; and 2. Made pursuant to an agreement between the county or city and the […]
1. A natural person to whom a loan is made pursuant to this chapter shall: (a) Maintain the property in a decent, safe and sanitary condition; and (b) Reside, or have a member of his or her family reside, on the property. 2. An organization to which a loan is made pursuant to this chapter […]
1. During the rehabilitation of the property, the agency shall provide such advice and technical assistance as may be reasonably requested. 2. The owner of the property shall permit representatives of the agency, the governing body and, if state or federal assistance is involved, the State or Federal Government, to have access to the property […]
The governing body shall deposit in the fund all money received in payment on a loan for the rehabilitation of residential property and make that money available for future loans. (Added to NRS by 1987, 2205)
If at any time the aggregate amount represented by pending applications from qualified applicants for loans for the rehabilitation of residential property exceeds the amount available in the fund, the governing body shall give preference to: 1. Applicants who are members of households having a gross income that is 50 percent or less of the […]
The governing body may: 1. Contract directly with a contractor for the rehabilitation of the property of a qualified applicant. 2. Establish a panel of contractors who have agreed to provide continuing maintenance at a discount to property rehabilitated pursuant to this chapter. 3. Use for the purposes of this chapter any money made available […]
