Nevada Revised Statutes 279A.060 – Loan for rehabilitation: Evidenced by promissory note; agreement between county or city and natural person or organization to whom loan is made
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If the governing body approves the application for a loan, the loan must be:
Terms Used In Nevada Revised Statutes 279A.060
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Governing body: means the governing body of a county or city. See Nevada Revised Statutes 279A.020
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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
1. Evidenced by a promissory note, the principal amount of which must be equal to the amount of the loan, secured by a mortgage on the property; and
2. Made pursuant to an agreement between the county or city and the natural person or organization to whom the loan is made, identifying the property, specifying the amount and period of, and rate of interest on, the loan and providing that:
(a) The property must be rehabilitated for decent, safe and sanitary residential use; and
(b) The rehabilitation must begin and be completed within a period determined by the governing body.