This article is an overview of some of the affordable housing projects the state, Clark County, and City of Las Vegas are working on.
$500 Million “Home Means Nevada” Affordable Housing Initiative
Nevada officially launched the $500 million “Home Means Nevada” affordable housing initiative last month. The fund is coming from the American Rescue Plan Act, which created the State and Local Fiscal Recovery Funds (FRF) to address housing affordability and homelessness challenges in our community. The plan is aimed at helping to lower the cost of housing, helping boost housing construction and homeownership opportunities, and helping seniors to repair their homes.
This is the single largest investment in housing in state history and complements other measures taken across State government in line with this vision, including that the Nevada Housing Division (NHD) recently announced it has set aside $300.7 million for affordable housing development projects throughout the state.
Nevada Housing Division Announced $300.7 Million Tax-Exempt Bond For Affordable Housing Projects
In February, the Nevada Housing Division (NHD) announced that $300.7 million or 87% of Nevada’s 2021 tax-exempt bonding authority has been earmarked for affordable housing projects throughout the state.
Fourteen affordable housing projects totaling 2,898 units are currently under construction. These projects are located in Reno, Las Vegas, and North Las Vegas and contain a mix of senior and family complexes, and new construction and rehabilitated units. Nine of these developments, totaling 2,153 units, are projected for completion in 2022 or early 2023. The remaining projects are projected for completion in early 2024.
Clark County Commission Approved $160 Million Funding for Affordable Housing
At the county level, Clark County Commission voted on April 5th, 2022 to create a $160 million Community Housing Fund to support affordable housing programs and development in Southern Nevada. The fund, which majority of the money is coming from the American Fescue Plan Act, is targeted for permanent affordable housing for low- to moderate-income households.
The fund will be used for a gap-financing program for affordable housing development projects and a community land trust to support developments with affordable for-sale homes. The County would also create an inventory of county-controlled land that could be used for community housing developments.
In March, Clark County Commission Approved Seven Affordable Housing Developments
On March 2nd, the Clark County Commission unanimously approved a plan to help fund seven affordable housing developments that consist of 602 units. Since January 2020, more than 1,100 affordable housing units have been constructed or are under construction in Clark County.
Las Vegas City Council Awards More Than $121 Million In American Rescue Plan Act Funds for Affordable Housing, Nonprofits, Businesses And Pandemic Response
At the City of Las Vegas level, the City Council voted in February to award $121,070,000 in American Rescue Plan Act funding. The funds were divided into four categories, with 20% going toward affordable housing projects, 20% to businesses, 20% to pandemic response and 40% to nonprofit organizations.
As more people from expensive cities like Los Angeles and San Francisco are moving into the Vegas valley, home prices in Southern Nevada are no longer affordable for Las Vegas locals. "Home Means Nevada" cannot just be a slogan. The State and local municipalities must continue to fight the affordable housing crisis.