The Board of Finance this week approved issuance of millions in bonds to support a long list of projects designed to develop infrastructure and expand housing.
They voted for $75 million in bonds to support the State Infrastructure Bank, which is intended to jump start infrastructure projects by attracting private funding.
The board also approved issuance of more than $150 million in tax-exempt revenue bonds to support construction of 609 affordable multi-family housing units and down payment assistance to first-time homebuyers.
“Right now our state is in the middle of a housing crisis and we’re committed to using every tool available to us to make rents more affordable and homeownership possible for thousands of Nevadans,” said Treasurer Zach Conine.
He said the investments will create jobs for Nevadans and the projects will go a long way toward resolving the housing shortage and getting infrastructure projects off the ground.
The infrastructure bonds consist of $40 million in limited tax bonds for projects funded through an infrastructure matching fund to hopefully leverage hundreds of millions of dollars through the Infrastructure Investment and Jobs Act. It will provide up to $20 million to support affordable housing projects in partnership with the AFL-CIO housing trust and up to $15 million to develop charter schools in low-income areas.
The revenue bonds are intended to be Nevada’s first series of “social bonds” to be used to support projects with social impacts including expanding registered apprenticeship programs, and hiring local residents.
The projects are expected to create some 30,000 jobs over the next decade.
Conine said the first projects should see funding within a few months.