Nebraska Revised Statute 71-15,123

Chapter 71 Section 15,123


Establishment of rental rates.

A local housing agency shall conduct its affairs in accordance with sound financial and business practices, taking into account the nature of its activities and intended purpose. The agency shall operate its housing developments in a manner calculated to enable the agency to fix rentals for dwelling accommodations for persons of eligible income at low rates consistent with its acting in a fiscally responsible manner and providing affordable, decent, safe, and sanitary dwelling accommodations for such persons. In this regard, a local housing agency may, in connection with establishing rents charged to persons of eligible income, take into account the sums necessary:

(1) To pay when due all indebtedness of the agency;

(2) To pay all administrative and other costs of operating the agency's developments and programs of assistance;

(3) To pay the administrative and other costs of the maintenance, rehabilitation, renovation, repair, and replacement of the agency's developments and other property;

(4) To otherwise carry out its purposes under the Nebraska Housing Agency Act, including acquiring or creating additional housing developments and acquiring or improving property for other purposes authorized under the act, including community facilities, mixed-income developments, and all other facilities and developments authorized under the act;

(5) To pay the costs of insurance, including the costs of claims, liabilities, losses, and other expenses incurred in connection with any self-insurance program;

(6) To provide funds for all required payments in lieu of taxes;

(7) To make all payments required under and otherwise fully perform the agency's obligations under any contract, agreement, or arrangement entered into by the agency, including without limitation those required in connection with any partnership or joint venture entered into by the agency;

(8) To perform the terms of any commitment or guarantee issued or given by the agency;

(9) To provide a reasonable return on the value of the property so as to enable the housing agency to continue to fulfill its duties, including, but not limited to, the acquisition of additional housing developments, land acquisition, and the acquisition or construction of buildings, equipment, facilities, or other real or personal property for public purposes, including parks or other recreational, educational, welfare, or community facilities within its area of operation;

(10) To accommodate economic factors which affect the financial stability and solvency of the agency's developments and programs;

(11) To pay the cost of actions occasioned by natural disasters and other emergencies; and

(12) To create and maintain operating and capital reserves that are reasonable and adequate to ensure the agency's ability to make all payments referred to in this section and any other matter with respect to which the agency, in its discretion reasonably exercised, determines that the creation and maintenance of a reserve is appropriate. Nothing in this section shall be construed to limit the amount which a housing agency may charge for nondwelling facilities or for dwelling facilities that are not rented to persons of eligible income.