The state is expected to finish reviewing applications for the first half of $500 million in federal funding in August and award allocations in September. (Photo: Ronda Churchill)
The Nevada Housing Division outlined more details on the type of affordable housing that could be produced with the $500 million investment announced by Gov. Steve Sisolak last week.
The division said on Tuesday that the $300 million being directed toward multi-family housing developments would produce up to 1,000 new units for families and seniors who earn less than 60% area median income.
Another 10% to 20% of the units being developed would target housing for people making less than between 30% and 50% of AMI.
Along with his commitment to use federal discretionary funds allocated by the American Rescue Plan Act, Sisolak also committed $130 million toward housing preservation, $30 million to increase homeownership and $40 million for land acquisition.
Nevada, which has experienced a housing crisis for years, lacks more than 105,000 affordable units.
The Nevada Housing Coalition, a mixture of social service providers, nonprofits, developers and banks, applauded the state’s commitment to build and preserve affordable housing and invest relief dollars into addressing Nevada’s housing deficit.
Tuesday’s breakdown from the state said the allocation toward preservation could “rehabilitate and preserve over 3,000 units for families and seniors earning less than 60% of Area Median Income.”
Additionally, the money directed toward land acquisition could “secure nearly 100 acres of land to create 700 – 800 units of affordable housing.”
Funds proposed for homeownership, according to the announcement, could “drop the costs of new homes from $500,000 to $350,000” and make up to 200 new single family homes more obtainable.
A portion of the funds for homeownership is expected to be earmarked for home rehabilitation, a move that could allow “Nevada’s seniors to age in place.”
Also on Tuesday the Clark County Commission approved $7.8 million toward seven projects that are expected to eventually create 602 new affordable housing units.
Nevada HAND, a nonprofit developer, was awarded funds for two projects, an 80-unit complex for families and a 125-unit complex for seniors, said Wally Swenson, vice president of corporate affairs.
“These funds are essential for Nevada HAND and other developers alike to help address the significant shortfall of quality, affordable homes in our region,” Swenson said.
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