Nevada Announces The First Funding Awards for $500 Million Affordable Housing Initiative

Vegas Business Digest -

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Last week, the Nevada Housing Division announced an initial set of funding awards for the $500 million Home Means Nevada initiative funded by American Rescue Plan dollars. The first round of funding total $155.7 million, representing about one-third of the initiative.  

Since the initiative was launched in April, the Nevada Housing Division has been working through applications. The remaining awards will be finalized and announced shortly.  

“I am deeply appreciative of all our partners who brought their projects forward and I am grateful to the Nevada Housing Division for all their work to review and allocate this funding. The work is far from over, but this is a moment to recognize and celebrate all we’ve accomplished so far together,” said Governor Sisolak.

During the October Interim Finance Committee, legislators approved the final $250 million to fully fund the program, allowing the Housing Division to allocate more funding to awardees.

The initiative includes four categories of funds that will be administered by the division – Multi-family Development, Multi-family Preservation, Land Acquisition and Home Ownership: New Development/Rehabilitation.

Notable awards from the first round of funding include:

  • Blind Center of Nevada (Las Vegas): The Blind Center of Nevada was awarded $15 million to build a new affordable housing development near the Blind Center for those who are blind or visually impaired living at or below 50% Area Median Income (AMI). According to the Blind Center, more than 70% of those who are blind or visually impaired are not employed and are struggling with food security, mental health issues, basic needs, nutrition, social inclusion, transportation and more. The new development will allow residents easy access to the Blind Center to address these problems with supportive services provided by the Blind Center at no charge to residents.
  • Washoe Housing Authority – WHA#2 (Reno): The Washoe Housing Authority was awarded $5.5 million for a new development to serve low-income families in the Stewart Community who are members of the Washoe Tribe of Nevada and California. According to recent Census Data, almost 33% of Stewart’s population lives below the poverty rate and the U.S. Department of Housing and Urban Development reported the Washoe Tribe has a housing shortage of at least 507 units. The proposed rent for the project is $624 and all units will operate with a subsidy, allowing residents to pay up to 30% of their adjusted gross income toward housing costs.  
  • Coordinated Living of Southern Nevada (Las Vegas): Coordinated Living of Southern Nevada was awarded $6 million for the construction of the new South Nellis Permanent Supportive Housing. All 42 units will be income-restricted, affordable to individuals and small households at or below 50% AMI. Coordinated Living will work with Ovation Design and Development, Inc. and UNLV Health Mojave Counseling for the construction of the facility and assist with the stabilization of persons with severe and persistent mental illness.
  • The Empowerment Center (Reno): The Empowerment Center and Community Development Partners were awarded $16.3 million for the construction of the Marvel Way Apartments Phase II for low-income individuals and households who are on the path of recovery from drug/alcohol addiction. This 44-unit development will serve as “Recovery Housing” for households at or below 50% AMI.

The full list of the initial awards and their respective categories is below:

Multi-family Development – 713 total units created

Multi-family Preservation – 390 total units preserved

Home Ownership

  • Nevada Housing Division: $7.5 million for down payment assistance. The Nevada Housing Division will be able to help 500 Nevada families with an incentive in the form of a 30-year fixed rate first mortgage along with a no interest, no payment $15,000 forgivable second mortgage.
  • Nevada Rural Housing Authority: $2.5 million for down payment assistance. This funding will allow the Nevada Rural Housing Authority to assist more than 150 Nevada families purchase a new home.
  • Rural Nevada Development Corp: $0.9 million for down payment assistance.

To maximize the impact and benefit more than 13,000 households throughout Nevada, the Division is leveraging these direct investments with other forms of available debt financing programs.

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