1. A nonprofit organization may submit to the governing body of a city an application for conveyance of property that is owned by the city if the property was purchased or received by the city pursuant to NRS 268.008 . 2. Before the governing body makes a determination on such an application for conveyance, it shall hold at least one public hearing on the application. Notice of the time, place and specific purpose of the hearing must be: (a) Published at least once in a newspaper of general circulation in the city. (b) Mailed to all owners of record of real property which is located not more than 300 feet from the property that is proposed for conveyance. (c) Posted in a conspicuous place on the property that is proposed for conveyance. The hearing must be held not fewer than 10 days but not more than 40 days after the notice is published, mailed and posted in accordance with this subsection. 3. The governing body may approve such an application for conveyance if the nonprofit organization demonstrates to the satisfaction of the governing body that the organization or its assignee will use the property to develop attainable housing. An application must include, without limitation: (a) Information that sets forth: (1) The number of employees of the nonprofit organization or its affiliates who are residents of this State; and (2) The number of households in this State who live in attainable housing units that are owned or managed by the nonprofit organization or any affiliate of the nonprofit organization; (b) A description of any previous project for which the nonprofit organization received federal low-income housing tax credits, as defined in NRS 360.863 , with documentation of compliance with any federal requirements; and (c) A description of any previous project where the nonprofit organization has obtained additional federal low-income housing tax credits, as defined in NRS 360.863 , or alternative financing for the rehabilitation or resyndication of attainable housing. The description must include, without limitation, the name, location, number of units and cost per unit of the attainable housing. 4. If the governing body receives more than one application for conveyance of the property, the governing body must give priority to an application of a nonprofit organization that demonstrates to the satisfaction of the governing body that the organization or its assignee will use the property to develop attainable housing for persons who are seniors or disabled. 5. If the governing body approves an application for conveyance, it may convey the property to the nonprofit organization without consideration. Such a conveyance must not be in contravention of any condition in a gift or devise of the property to the city. 6. As a condition to the conveyance of the property pursuant to subsection 5, the governing body shall enter into an agreement with the nonprofit organization that requires the nonprofit organization or its assignee to use the property to provide attainable housing for at least 50 years. If the nonprofit organization or its assignee fails to use the property to provide attainable housing pursuant to the agreement, the governing body may take reasonable action to return the property to use as attainable housing, including, without limitation: (a) Repossessing the property from the nonprofit organization or its assignee. (b) Transferring ownership of the property from the nonprofit organization or its assignee to another person or governmental entity that will use the property to provide attainable housing. 7. The agreement required by subsection 6 must be recorded in the office of the county recorder of the county in which the property is located and must specify: (a) The number of years for which the nonprofit organization or its assignee must use the property to provide attainable housing; and (b) The action that the governing body will take if the nonprofit organization or its assignee fails to use the property to provide attainable housing pursuant to the agreement. 8. A governing body that has conveyed property pursuant to subsection 5 shall: (a) Prepare annually a list which includes a description of all property conveyed to a nonprofit organization pursuant to this section; and (b) Include the list in the annual audit of the city which is conducted pursuant to NRS 354.624 . 9. If, 5 years after the date of a conveyance pursuant to subsection 5, a nonprofit organization or its assignee has not commenced construction of attainable housing, or entered into such contracts as are necessary to commence the construction of attainable housing, the property that was conveyed automatically reverts to the city. 10. A governing body may subordinate the interest of the city in property conveyed pursuant to subsection 5 to a first or subsequent holder of a mortgage on that property to the extent the governing body deems necessary to promote investment in the construction of attainable housing. 11. As used in this section, unless the context otherwise requires: (a) Attainable housing has the meaning ascribed to it in NRS 278.0105 . (b) Nonprofit organization means an organization that is recognized as exempt pursuant to 26 U.S.C. 501(c)(3).
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