Nevada finance board approves affordable housing bonds

The State Board of Finance on Tuesday approved issuing $51 million in tax-exempt bonds to help develop affordable housing projects in Nevada.

A spokesman said the bonds will support the acquisition and preservation of 436 multi-family units in both the north and south.

A total of $29 million will go to acquire and renovate 316 multi-family units at the Parkway Plaza Apartments in Carson City. Those units will be priced at 60 percent of the median income for the area.

Another $22 million supports the purchase and renovation of 120 multi-family units at the Highland Village apartments in Henderson. They will be priced at 30 percent of area median income.

The bonds raise the total issued since Gov. Steve Sisolak took office to $487.2 million to relieve the shortage of affordable housing. More than $300 million of that total went to the development of some 2,500 housing units for low income families.

Treasurer Zach Conine said tax-exempt bonds are critical tools to get projects off the ground. The developers of the various projects are required to repay the bonds from revenues collected from renters. The state is not liable for the debt.