244A.6975 - Issuance of bonds for affordable housing or residential housing for corporation for public benefit.
244A.6975 Issuance of bonds for affordable housing or residential housing for corporation for public benefit. The governing body of a county may approve the issuance of bonds for a project for affordable housing or for any form of residential housing for the purposes of a corporation for public benefit only if:
1. The amount of the bonds to be issued is less than $15,000,000;
2. An independent consultant hired by the governing body has reported favorably on the financial feasibility of the project;
3. The bonds will be sold to not more than 10 investors, each of whom certifies that he or she:
(a) Has a net worth of $500,000 or more; and
(b) Is purchasing the bonds for investment and not for resale; and
4. The issuance of the bonds is approved by the State Board of Finance, unless the amount of the bonds to be issued is $5,000,000 or less.
(Added to NRS by 1993, 1472)