Nev. Rev. Stat. § 375.70 — 375.70

NRS  375.070    Disposition and use of proceeds of tax imposed by NRS 375.020 .
1.  The county recorder shall transmit the
proceeds of the tax imposed by NRS 375.020
at the end of each quarter in the following manner:
(a) An amount equal to that portion of the
proceeds which is equivalent to 10 cents for each $500 of value or fraction
thereof must be transmitted to the State Controller who shall deposit that
amount in the Account for Affordable Housing created pursuant to NRS 319.500 .
(b) In a county whose population is 700,000 or
more, an amount equal to that portion of the proceeds which is equivalent to 60
cents for each $500 of value or fraction thereof must be transmitted to the
county treasurer for deposit in the county school district’s fund for capital
projects established pursuant to NRS 387.328 ,
to be held and expended in the same manner as other money deposited in that
fund.
(c) The remaining proceeds must be transmitted to
the State Controller for deposit in the Local Government Tax Distribution
Account created by NRS 360.660 for
credit to the respective accounts of Carson City and each county.
2.  In addition to any other authorized use
of the proceeds it receives pursuant to subsection 1, a county or city may use
the proceeds to pay expenses related to or incurred for the development of tier
one affordable housing, tier two affordable housing, tier three affordable
housing and tier four affordable housing. A county or city that uses the
proceeds in that manner must give priority to the development of tier one
affordable housing, tier two affordable housing, tier three affordable housing
and tier four affordable housing for persons who are elderly or persons with
disabilities.
3.  The expenses authorized by subsection 2
include, but are not limited to:
(a) The costs to acquire land and developmental
rights;
(b) Related predevelopment expenses;
(c) The costs to develop the land, including the
payment of related rebates;
(d) Contributions toward down payments made for
the purchase of affordable housing; and
(e) The creation of related trust funds.
4.  As used in this section:
(a) “Tier one affordable housing” has the meaning
ascribed to it in NRS 278.01905 .
(b) “Tier two affordable housing” has the meaning
ascribed to it in NRS 278.01907 .
(c) “Tier three affordable housing” has the
meaning ascribed to it in NRS 278.01906 .
(d) “Tier four affordable housing” has the
meaning ascribed to it in NRS 278.01904 .