Nevada Completes Awards for $500 Million Affordable Housing Initiative

Vegas Business Digest -

Today, Governor Sisolak and the Nevada Housing Division announced the final awards for the $500 million Home Means Nevada affordable housing initiative, the single-largest investment into affordable housing in the state's history. The initiative was first announced in April and the first half of the funding - $250 million - were awarded in October.

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.

Including the initial awards, the initiative will help create 2,800 total units for multi-family development, 1,077 total units for multi-family preservation projects, 1,554 total families/households assisted for home ownership projects, and multiple land acquisition projects. To maximize the impact and benefit, the Division is leveraging these direct investments with other forms of available debt financing programs.

The initiative covers affordable housing projects throughout the state of Nevada. The full list of the initial awards and their respective categories is below. The previous announcements can be viewed here.

Examples of projects that are based in Southern Nevada:

  • Nevada HAND (Clark County): Nevada HAND was awarded $31.5 million for a new development in Henderson named “Boulder & Gibson” aimed at assisting youths exiting out of Foster Care. This project will be done in partnership with St. Jude’s and all jurisdictions in Clark County.
  • 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.
  • Southern Nevada Regional Housing Authority (North Las Vegas): $10 million for “Old Rose Gardens” multi-family project to develop 120 units
  • Nevada HAND (North Las Vegas): $4.7 million for “Buena Vista Springs III” multi-family project to develop 98 units
  • Nevada HAND (Las Vegas): $4.7 million for “Stewart Pines 1,2,3” multi-family project to develop 178 units
  • Southern Nevada Regional Housing Authority (Las Vegas): $23.8 million for “28th & Sunrise” project to develop 60 units
  • Coordinated Living of Southern Nevada/Ovation (Clark County): $22.3 million for “Pebble & Eastern” multi-family project to develop 195 units
  • Coordinated Living of Southern Nevada/Ovation (Las Vegas): $26 million for “Decatur and Rome Family Apartments” to develop 276 units.
  • RISE Residential (Henderson): $15.7 million for “Raiders Way” multi-family project to develop 304 units.
  • Southern Nevada Regional Housing Authority (Las Vegas): $16.3 million for “Marion D Bennett Sr Plaza” multi-family project to develop 46 units
  • Integra Property Group (Las Vegas): $1.2 million for “Sierra Pointe/Grenada” multi-famiy preservation project

Home ownership awarded projects that are in Southern Nevada (including initial awards)

  • Nevada Rural Housing Authority (Statewide): $7,630,071 for its “Home Repair Program” projected to assist 200 households
  • Rebuilding Together Southern Nevada (Clark County): $2 million for its “Critical Home Repair” program projected to assist 167 households
  • Rebuilding Together Southern Nevada (Clark County): $3 million for its “Fall Prevention Program” projected to assist 150 households
  • Habitat for Humanity Las Vegas, Inc (Clark County): $1,518,363 for its “Jefferson North Project” projected to assist 10 households

Land acquisition projects that are in Southern Nevada:

  • City of North Las Vegas: $10 million projected to assist low-income individuals and families
  • Nevada Rural Housing Authority: $4,801,494 projected to assist families, seniors and persons with disabilities
  • Nevada HAND: $2,120,000 projected to assist youth aging out of Foster Care

For more information on the Home Means Nevada initiative, click here.

Additional assistance still available

In addition to these investments, rental assistance is still available through current rental assistance programs which can be found at https://housing.nv.gov/. Mortgage assistance is available through the Nevada Homeowner Assistance Fund at https://nahac.org/.

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