1. In addition to other powers conferred upon an authority by NRS 315.140 to 315.7813, inclusive, an authority may acquire property and construct housing projects thereon for the purpose of leasing dwellings to servicemen or servicewomen, veterans and their families, and the families of deceased persons who served in the Armed Forces, at rentals, excluding utilities, of not to exceed $50 per month, during the existence of the acute shortage of housing available to such persons as determined by applicable law or as may be provided for in any contract for financial assistance with the Federal Government.
2. In exercising the powers provided in this section an authority shall not be subject to the limitations provided in NRS 315.500 or 315.510 during the period of acute housing shortage for veterans and servicemen or servicewomen, and their families and the families of deceased persons who served in the Armed Forces, of moderate income.
[21:253:1947; 1943 NCL § 5470.21] — (NRS A 1967, 1269; 1975, 19; 1977, 1188)