Section 319.497 - "Qualified organization" defined"Qualified organization" means an organization which:
1. Is a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. § 501(c)(3);2. Is in good standing with the Office of the Secretary of State;3. Has the specifically designated purpose of promoting affordable or subsidized single-family housing located within this State;4. Has demonstrated the ability for a period of not less than 5 consecutive years to process and service loans either directly or in conjunction with a loan servicer approved by the Division; and5. Has a financial net worth of not less than $1,000,000.Nev. Admin. Code § 319.497
Added to NAC by Housing Div. by R192-08, eff. 12-17-2008NRS 319.140, § 3 of ch. 348, Stats. 2007