1. The Division may:
(a) Invest in, purchase or make commitments to purchase, and take assignments from lending institutions of mortgage loans and promissory notes accompanying such mortgage loans, including mortgage loans or participations with lending institutions in such promissory notes and mortgage loans, for the construction, rehabilitation, purchase, leasing or refinancing of residential housing within this state.
(b) Sell, at public or private sale, with or without public bidding, any mortgage or other obligation held by the Division.
2. At or before the time of purchase, the lending institution shall certify to the Division with respect to all mortgage loans transferred to the Division:
(a) That the mortgage loans transferred to the Division are for residential housing for eligible families within this state; or
(b) That the proceeds of sale or its equivalent will be reinvested in mortgage loans for residential housing for eligible families within this state in an aggregate principal amount equal to the amount of such sale proceeds.
(Added to NRS by 1975, 628; A 2001, 2122; 2003, 2194; 2009, 650)