NRS315.993. Projects not to be constructed or operated for profit; fixing of rentals or payments.

      1.  The Authority shall not construct or operate any housing project for profit.

      2.  The Authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals or payments for dwelling accommodations at low rates consistent with its providing decent, safe and sanitary dwelling accommodations for persons of low and moderate income.

      3.  The Authority shall fix the rentals or payments for dwellings in its housing projects at no higher rates than are necessary to produce revenue which, together with all other available money, revenue, income and receipts of the Authority from whatever sources derived, will be sufficient:

      (a) To pay, as it becomes due, the principal and interest on the bonds of the Authority.

      (b) To create and maintain such reserves as may be required to assure the payment of principal and interest as it becomes due on its bonds.

      (c) To meet the cost of, and to provide for, maintaining and operating the housing projects, including necessary reserves therefor and the cost of any insurance, and the administrative expenses of the Authority.

      (d) To make such payments in lieu of taxes as it determines are consistent with the maintenance of the low-rent character of the housing projects.

      4.  For the purposes of this section, a housing project constructed or operated by the Authority that is eligible for credit for low-income housing pursuant to 26 U.S.C. § 42 is not constructed or operated for profit.

      (Added to NRS by 1973, 620; A 1995, 813; 1997, 451; 2005, 224)