1. The governing body of a county or city may adopt an ordinance establishing a program for the rehabilitation of residential neighborhoods in that county or city.
2. The ordinance must contain provisions:
(a) Establishing an agency, or designating an existing agency, of the county or city to administer the program.
(b) Creating a revolving fund for loans for the rehabilitation of residential property and designating the amount of the original allocation of money by the governing body for the fund.
(c) Providing the criteria and procedures for allocating additional money to the fund.
(d) Providing the maximum amount of a loan from the fund and the period and rate of interest of each loan.
(e) Setting forth the criteria for determining the eligibility of an applicant for a loan and of property for rehabilitation.
(f) Setting forth that, with respect to a residential property rehabilitated pursuant to this chapter, the monthly mortgage payment or monthly rent, as applicable, must not, during the term of any loan made pursuant to this chapter, exceed 50 percent of the gross monthly income of the household occupying the residential property.
(g) Establishing such other requirements for participation in the program as the governing body considers necessary.
(Added to NRS by 1987, 2204; A 2005, 1303)