Subscribe to our email newsletter The Weekly
Today, the Nevada Housing Division (NHD) announced that $300.7 million or 87 percent of Nevada’s 2021 tax-exempt bonding authority has been earmarked for affordable housing projects throughout the state. This is the highest amount earmarked for state-led affordable housing development since the inception of the program.
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.
“We know that housing is a priority for Nevadans,” said Director Reynolds, Department of Business and Industry Director. “That’s why we’re ensuring that our bond utilization matches the needs of Nevadans to provide more affordable housing.”
“As we focus our recovery efforts on meeting the needs of all Nevadans, housing has become a clear and critical need,” said Nevada Governor Steve Sisolak. “This investment is one way we are going to provide assistance and relief to Nevadans, and I look forward to continue to look at ways we use federal relief dollars to complement this critical priority.”
The Department of Business and Industry administers Nevada’s tax-exempt private activity bond (PAB) program to facilitate public and private sector collaboration in financing eligible projects at below market interest rates. Along with developer tax credits offered through the Low-Income Housing Tax Credit program, these developments will remain affordable, below-market residential rentals for a minimum of 30 years.
For the five-year period from 2017 to 2021, more than $1 billion of tax-exempt bonding authority has been transferred to NHD, including $91 million in 2018, $278.4 million in 2019 and $266.7 million in 2020.
Qualified low-income seniors and families can find listings for available market and affordable housing rentals by visiting https://nvhousingsearch.org.
Source: Nevada Department of Business and Industry
Subscribe to our email newsletter The Weekly
