319.850 - Definitions

319.850. Definitions

As used in NAC 319.850 to 319.872, inclusive, unless the context otherwise requires:

1. "Eligible housing" means structures for residential use by eligible families as defined in NRS 319.060 and for use by persons with special needs.

2. "Residential use" means the use of a structure as the principal residence of the occupant and not as a recreational home or property for investment in a trade or business. Any portion of the structure designed or used for any purpose other than as a principal residence must not exceed 15 percent of the usable area of the structure.

3. "Sponsor" means a person or entity which develops eligible housing, including, without limitation, a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. ยง 501(c)(3) and a development corporation that provides affordable or specialty housing in this State.

Added to NAC by Housing Div., eff. 12-16-82; A 4-13-88; R140-01, 8-2-2002

NRS 319.140, 319.175, 319.190

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