1. That portion of real property and tangible personal property which is used exclusively for housing and related facilities for very low-income elderly persons or very low-income persons with disabilities is exempt from taxation if the portion of property: (a) Was wholly or partially financed by a capital advance under section 202 of the Housing Act of 1959, as amended, 12 U.S.C. § 1701q, or section 811 of the Cranston–Gonzalez National Affordable Housing Act, as amended, 42 U.S.C. § 8013; and (b) The property is owned or operated: (1) By a nonprofit corporation organized under the laws of the State of Nevada; or (2) By a nonprofit corporation organized under the laws of another state and qualified to do business as a nonprofit corporation under the laws of the State of Nevada. 2. The portion of a housing project that is entitled to the property tax exemption pursuant to subsection 1 must be determined by dividing the total assessed value of the housing project and the land upon which it is situated into the assessed value of the units and related facilities that are occupied by or used exclusively for very low-income elderly persons or very low-income persons with disabilities. h it is situated into the assessed value of the units and related facilities that are occupied by or used exclusively for very low-income elderly persons or very low-income persons with disabilities. 3. As used in this section: (a) 'Elderly person' has the meaning ascribed to it in 12 U.S.C. § 1701q. (b) 'Person with disabilities' has the meaning ascribed to it in 42 U.S.C. § 8013. (c) 'Very low-income' has the meaning ascribed to the term 'very low-income families' in 42 U.S.C. § 1437a. (Added to NRS by 1981, 717; A 2023, 1467)
Nevada Legal Code