The Nevada Capitol in Carson City.
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Nevada Appeal Capitol Bureau
Tuesday, April 19, 2022
The Nevada Treasurer’s Office has adopted regulations they say will put the Infrastructure Bank in the business of delivering affordable housing and public education.
“These regulations will kickstart Nevada’s State Infrastructure Bank to create good paying jobs while promoting environmental sustainability in all new infrastructure projects,” said Treasurer Zach Conine.
The bank was funded by the 2021 Legislature with $75 million in general obligation bonds.
That bond funding is divided into three pots.
The largest is $40 million that aims to leverage federal infrastructure investment.
Another $20 million will be used to leverage an estimated $200 million to develop affordable housing in partnership with the AFL-CIO’s Housing Investment Trust.
The final piece is $15 million in bonds to support capital projects for charter schools in low-income areas.
The regulations were pre-approved by the Interim Finance Committee last week. They require that projects follow standards set in Nevada’s 2020 Climate Strategy, use Nevada residents and disadvantaged workers to build projects and include apprenticeships to train and employ workers in building trades.
Conine said those projects financed through the bank’s affordable housing program and the federal infrastructure funds will be required to use project labor agreements to ensure workers have fair wages and working conditions.
The goal, he said, is to locate at least 40 percent of projects in disadvantaged communities.
The bank is planning to begin accepting applications for projects next month.
