The Nevada Housing Division laid out some detail Tuesday on the Home Means Nevada program that will use $500 million in American Rescue Plan money to lower the cost of housing and provide help to more than 13,000 households across the state.
The majority of the money, $300 million, will produce up to 1,000 new housing units in multi-family structures for families and seniors earning less than 60 percent of the Area Median Income. The initiative would target those making less than 30, 40 or 50 percent of the median income.
Housing Division officials said the money would be leveraged with other funding to hopefully provide up to 1,700 housing units.
Another $130 million would go to a multi-family preservation program to rehabilitate more than 3,000 units for low-income families and seniors. Those units would have to remain affordable for 30 years.
The plan includes $40 million for land acquisition to buy enough land to create up to 800 affordable housing units.
Finally, $30 million would go to an incentive program designed to drop the cost of new homes from $500,000 to $350,000. The money would go for such things as down payment assistance. Some of the money would go to rehabilitation of existing homes for up to 7,000 homeowners to enable seniors to “age in place.”
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