All real property and tangible personal property used exclusively for housing and related facilities for elderly persons or persons with disabilities are exempt from taxation if:
1. The property was wholly or partially financed by a loan under the Housing Act of 1959, as amended, 12 U.S.C. § 1701q; and
2. The property is owned or operated:
(a) By a nonprofit corporation organized under the laws of the State of Nevada; or
(b) 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.
(Added to NRS by 1981, 717)
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