Section 319.690 - Loans for projects1. If appropriate, the Division shall issue bonds or make a mortgage loan for: (a) The interim financing of the development, construction or rehabilitation of a project;(b) The permanent financing of a project; or(c) Both interim and permanent financing of a project.2. To receive financing from the Division for a project through a bond issuance or mortgage loan pursuant to subsection 1, the sponsor must submit to the Division the documents described in paragraphs (a), (b) and (c) of subsection 3 of NAC 319.7125, as applicable, the sponsor must submit to the Division the documents described in paragraphs (a), (b) and (c) of subsection 3 of NAC 319.7125, as applicable. 3. As a condition precedent to the initial closing of a bond issuance or mortgage loan pursuant to this section, the sponsor must execute any documents which the Administrator deems necessary or appropriate to regulate the acquisition, development, construction or rehabilitation of the proposed project and the operations of the sponsor, in order to protect the interest of the Division and to fulfill the Division's duties.4. A mortgage loan may only be assigned, transferred, conveyed or pledged by a sponsor or direct lending institution subject to terms and conditions which are approved in writing by the Division before the assignment, transfer, conveyance or pledge. Upon the execution of an agreement for the assumption of the mortgage loan, the sponsor shall pay to the Division a fee of up to 1 percent of the unpaid principal balance of the mortgage loan.5. The obligation of the Division to finance a project is subject to the Division's sale of bonds or other obligations of the Division in an amount sufficient to permit financing.6. Upon the approval of a project by the State Board of Finance, the Division will submit to the sponsor a letter of conditional commitment and inducement which includes the terms and conditions of the financing of the project. The letter must include, without limitation, an estimate of the Division's costs for reviewing and issuing the bonds or mortgage loan. The sponsor shall submit to the Division, within 30 days after the letter is issued, a nonrefundable deposit which is in an amount determined by the Division to cover the Division's costs.7. Upon the issuance of bonds or a mortgage loan, the sponsor shall remit to the Division any remaining balance of the Division's costs for issuing the bonds or mortgage loan.Nev. Admin. Code § 319.690
Housing Division, Loans for Multifamily Homes Reg. § 4 subsecs. a, c, & I, eff. 12-5-78; A and renumbered as § 3, 7-23-80-NAC A 12-16-82; 10-26-83; 4-13-88; R093-00, 11-20-2000; Housing Division, Loans for Multifamily Homes Reg. § 4 subsecs. a, c, & I, eff. 12-5-78; A and renumbered as § 3, 7-23-80-NAC A 12-16-82; 10-26-83; 4-13-88; R093-00, 11-20-2000