Gov. Steve Sisolak, joined by federal and state officials, rolled out the Home Means Nevada housing initiative Thursday in Las Vegas.
That program is intended to provide affordable, accessible housing for nearly 13,000 households, said U.S. Rep. Dina Titus, D-Nev.
It is funded by $500 million in American Rescue Plan Act cash from the federal government. The administration and the Legislative Interim Finance Committee have already approved spending $250 million of that total.
Sisolak said the state is ready to begin accepting applications for housing projects.
Of that total, $300 million is planned as stand-alone funding for multi-family housing units that could produce up to 1,000 new units for families and seniors earning less than 60 percent of the area median income and up to 20 percent of the units for those earning less than that. That funding would keep those units in the affordable price range for 30 years.
Another $130 million would be dedicated to rehabilitate and preserve more than 3,000 units for families and seniors earning less than 60 percent of AMI. Those units too would be classified and priced to keep them affordable.
Land acquisition would have $40 million dedicated to it and should secure enough property to create up to 800 units of affordable housing.
The final pot of $30 million would become an incentive program to decrease the cost of new homes from $500,000 to $350,000 using mechanisms such as down payment assistance to increase home ownership. Part of that money would be earmarked for rehabilitation of up to 7,000 existing single-family homes.
Sisolak said applications for affordable housing projects are now available on NevadaRecovers.com.
In addition to Titus, he was joined by Reps. Susie Lee and Steven Horsford, both D-Nev., and Deputy Housing and Urban Development Secretary Adrianne Todman.
Todman described affordable housing is a priority for the Biden administration and a significant component of the ARPA funding plan.
Lee said the pandemic only intensified Nevada’s housing crisis. She said the Home Means Nevada initiative is another step to ease the burden on working families and vulnerable populations.
And Horsford said equitable distribution of these federal dollars will increase the number of affordable units available in the state and, “go a long way toward reducing the cost of living.”
Senate Majority Leader Nicole Cannizzaro and Assemblyman Steve Yeager also praised the plan as an historical investment that will make a huge difference for working families.
