Section 319.588 - Loans: Purposes; methods of guaranteeing repayment1. The Division may make a loan for:(a) The interim financing of the development, construction or rehabilitation of a project;(b) The permanent financing of a project; or(c) The interim and permanent financing of a project.2. Except as otherwise provided in subsection 3, each loan must be:(a) Fully insured by a private source of mortgage insurance which is licensed to do business in this State or any other guarantee acceptable to the Division; and(b) Secured by a deed of trust on a project in this State.3. The Division may accept a partial guarantee of not less than 10 percent of the face value of a loan, if:(a) The loan is to finance a project in a rural area of this State;(b) It determines that there is a shortage of available low-cost housing in the area;(c) It determines that there is a shortage of private lenders willing to finance projects in the area;(d) It is the beneficiary of a first deed of trust on the project; and(e) It is the assignee of rents on the project.Nev. Admin. Code § 319.588
Added to NAC by Housing Div., eff. 4-13-88; A 9-1-89; 8-31-90; R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009