Carson City, NV February 16, 2022
Today, the Nevada Housing Division (NHD) announced that $300.7 million or 87 percent of Nevada's 2021 tax-exempt bonding authority has been earmarked for development of affordable housing projects throughout the state. This historic investment is being made in the face of the acute and ongoing housing crisis that many Nevadans are facing.
Fourteen affordable housing projects currently under construction will bring 2,898 affordable housing units online by early 2024. These developments located in Reno, Las Vegas and North Las Vegas contain a mix of senior and family complexes, and new construction and rehabilitated units. Nine of these developments, totaling 2,153 units, are projected for completion in 2022 or early 2023.
According to Department of Business and Industry Director Terry Reynolds, the 2021 bonding authority allocation of $300,774,00, the highest amount earmarked for state-led affordable housing development since the inception of the program, will give the division the ability to approve even more qualified projects in order to continue to grow the state's affordable housing stock. "We know that housing is a priority for Nevadans," said Director Reynolds. "That's why we're ensuring that our bond utilization matches the needs of Nevadans to provide more affordable housing."
"As we focus our recovery efforts on meeting the needs of all Nevadans, housing has become a clear and critical need," said Nevada Governor Steve Sisolak. "This investment is one way we are going to provide assistance and relief to Nevadans, and I look forward to continue to look at ways we use federal relief dollars to complement this critical priority."
The Department of Business and Industry administers Nevada's tax-exempt private activity bond (PAB) program to facilitate public and private sector collaboration in financing eligible projects at below market interest rates. Bonding authority can be used for projects such industrial manufacturing, research and development facilities, civic and cultural enterprises, nonprofit educational institutions, healthcare facilities and affordable housing development.
Tax-exempt bond authority allocated to NHD is used to incentivize private developers to increase the number of affordable housing units built or existing units renovated by providing a mechanism for financing projects with a lower cost of capital than conventional financing can offer. Along with developer tax credits offered through the Low-Income Housing Tax Credit program, these developments will remain affordable, below-market residential rentals for a minimum of 30 years.
For the five-year period from 2017 to 2021, more than $1 billion of tax-exempt bonding authority has been transferred to NHD, including $91 million in 2018, $278.4 million in 2019 and $266.7 million in 2020.
Qualified low-income seniors and families can find listings for available market and affordable housing rentals by visiting https://nvhousingsearch.org, a comprehensive database maintained by NHD.
About the Nevada Department of Business and Industry
The Department of Business and Industry is a cabinet-level agency in Nevada State government. Our objective is to encourage and promote the development and growth of business and to ensure the legal operation of business to protect consumers by maintaining a fair and competitive regulatory environment. To learn more, visit http://business.nv.gov.
About the Nevada Housing Division
The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975, with a mission to provide affordable housing opportunities and improve the quality of life for Nevada residents. They connect Nevadans with homes by providing financing to developers to build affordable housing, innovative mortgage solutions and down payment assistance programs and making homes more energy efficient, thereby lowering utility expenses. To learn more, visit http://housing.nv.gov.
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