Nevada Revised Statutes 279A.030 – County or city may establish program; contents of ordinance
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.
Terms Used In Nevada Revised Statutes 279A.030
- Agency: means an agency of a county or city established or designated to administer a program. See Nevada Revised Statutes 279A.020
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Fund: means a revolving fund for loans for the rehabilitation of residential property. See Nevada Revised Statutes 279A.020
- Governing body: means the governing body of a county or city. See Nevada Revised Statutes 279A.020
- Program: means a program for the rehabilitation of residential neighborhoods established by a governing body pursuant to this chapter. See Nevada Revised Statutes 279A.020
- Rehabilitation: includes structural improvements, landscaping and any other measure to improve the appearance of property or maintain property in a decent, safe and sanitary condition. See Nevada Revised Statutes 279A.020
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 fund for loans for the rehabilitation of residential property and designating the amount of the original allocation of money by the governing body for the fund.
(c) Providing the criteria and procedures for allocating additional money to the fund.
(d) Providing the maximum amount of a loan from the fund and the period and rate of interest of each loan.
(e) Setting forth the criteria for determining the eligibility of an applicant for a loan and of property for rehabilitation.
(f) Setting forth that, with respect to a residential property rehabilitated pursuant to this chapter, the monthly mortgage payment or monthly rent, as applicable, must not, during the term of any loan made pursuant to this chapter, exceed 50 percent of the gross monthly income of the household occupying the residential property.
(g) Establishing such other requirements for participation in the program as the governing body considers necessary.