Nevada Revised 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.
Terms Used In Nevada Revised Statutes 319.145
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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.