319.145 - Designation as housing credit agency; authority to administer HOME Investment Partnership Act; duty to administer program to increase efficiency in use of energy in dwellings owned or occupi - Nevada Statutes

319.145  Designation as housing credit agency; authority to administer HOME Investment Partnership Act; duty to administer program to increase efficiency in use of energy in dwellings owned or occupied by persons of low income.

      1.  The Division is hereby designated as the housing credit agency for the State of Nevada, as that term is defined in 26 U.S.C. § 42(h)(7)(A), for the purpose of allocating and distributing credits for low-income housing pursuant to 26 U.S.C. § 42.

      2.  The Division:

      (a) May adopt regulations establishing procedures necessary for the proper allocation and distribution of credits for low-income housing pursuant to 26 U.S.C. § 42; and

      (b) Shall exercise all powers necessary to administer the allocation and distribution of those credits.

      3.  The Division may act for the State of Nevada as the agency to facilitate the state’s designation as a participating jurisdiction in the HOME Investment Partnership Act (42 U.S.C. §§ 12701 et seq.). Upon receiving such a designation, the Division may exercise all powers necessary to administer the program.

      4.  The Division shall administer the program established to increase the efficiency with which energy is used in dwellings owned or occupied by persons of low income pursuant to 42 U.S.C. §§ 6861 et seq.

      (Added to NRS by 1987, 1352; A 1991, 1639; 1997, 2612)