Yesterday, the Las Vegas City Council approved the HOME-ARP Allocation Plan (the plan) to fund development of affordable rental housing and for supportive services. As part of the 2021 American Rescue Plan Act (ARPA), the City of Las Vegas has been awarded $8,289,072 of HOME-ARP funds to address the need for homelessness assistance. The city will submit the plan to U.S. Department of Housing and Urban Development (HUD) before March 31, 2023. HOME-ARP funds are a one-time allocation and must be spent by September 30, 2030 upon final approval by HUD.
Reports show that Las Vegas needs more affordable housing, especially for extremly low income population. According to National Low Income Housing Coalition’s report “The Gap: A Shortage of Affordable Homes”, the supply of affordable and available rental homes was 18 for every 100 extremely low-income renter households in Nevada.
According to the 2022 Annual Housing Report published by the Nevada Housing Division, the number of public or subsidized affordable units to households at 50% AMI (area median income) and below in the City of Las Vegas was just 13% of the existing need for subsidized units. Comprehensive Housing Affordability Strategy (CHAS) data shows 45,125 very low-income households are in need of affordable housing. However, as of December 2022, City of Las Vegas only has 6,025 existing units for households at 50% AMI and below.
The City will advertise a Request for Proposal process to seek developers and qualified non-profit organizations to carry out the identified HOME-ARP activities.