“Sponsor” means any natural person, association, corporation, joint venture, partnership, trust, state agency, municipality or other legal entity, or any combination thereof, which:

1. 1. Has been approved by the Division to acquire, own, construct, rehabilitate, operate, lease, manage or maintain a housing project; and
2. 2. Except for a state agency or municipality, has agreed to subject itself to regulation by the Division.

(Added to NRS by 1977, 195)