Nevada launches $500M program to boost affordable housing

LAS VEGAS (AP) — Nevada have introduced the launch of a $500 million program to assist present inexpensive housing by tapping federal American Rescue Plan funding and new borrowing authority authorised by state lawmakers.

Gov. Steve Sisolak stated the “House Means Nevada” initiative that he and different officers introduced Thursday is a starting of an effort to place housing inside monetary attain of extra individuals.

“That is such an infinite downside,” stated Sisolak, a Democrat. “You’ll be able to’t remedy it in a day or week (or) in a yr. However we’re making big inroads and we’re going to proceed alongside that path.”

Nevada’s rising inhabitants and the pandemic have exacerbated housing shortages and rising house and rental costs within the state.

The initiative’s objective is to decrease housing prices, assist individuals keep of their houses and spend money on building jobs, Sisolak stated.

This system is geared toward working with builders to create as much as 1,700 inexpensive housing items throughout the state and assist about 7,000 seniors with accessibility and residential repairs to allow them to keep of their houses.

“Getting only one extra particular person, only one extra particular person into a house, or retaining another household of their house, is what that is all about,” stated Sisolak, who’s operating for re-election this yr.