The Nevada Housing Division on Wednesday announced $300.77 million in tax-exempt bonding authority to develop affordable housing projects.
Currently, 14 affordable housing projects are under construction in Reno, Las Vegas and North Las Vegas. When completed in 2024, they will provide 2,898 affordable housing units to ease the shortage of housing experienced across Nevada but especially in western Nevada.
Some 2,153 units are expected to be available this year or early next year.
Business and Industry Director Terry Reynolds said the $300.7 million in new bonding authority will give the division the ability to approve even more qualified projects and further grow Nevada’s affordable housing supply.
Gov. Steve Sisolak said housing has become a critical need in the state.
He said he looks forward to continuing to find ways to use federal relief dollars to help with this need.
Business and Industry administers the tax-exempt private activity bond program to facilitate public/private collaboration in financing eligible projects at below market interest rates. The money will help incentivize private developers to build affordable housing that will remain below-market residential rentals for at least 30 years.
Qualified low-income seniors and families can find listings for available housing rentals by visiting http://nvhousingsearch.org.