The Nevada Housing Division (NHD) has announced the allocation of $283.3 million from Nevada’s 2024 tax-exempt bonding authority to support affordable housing projects across the state. This initiative aims to address the ongoing housing affordability crisis affecting many residents.
Dr. Kristopher Sanchez, Director of the Department of Business and Industry, stated, “By utilizing the State’s tax-exempt bonding authority for the creation and retention of affordable housing, the Nevada Housing Division is playing a key role in supporting Governor Lombardo’s goals for implementing policies, programs and funding sources that encourage additional development.”
Currently, nine projects totaling 1,411 units have been approved and are in progress. An additional three projects with 720 units await Board of Finance approval. Christine Hess, NHD CFO, emphasized that “the utilization of the volume cap is the State’s most effective means to scale the solution for more affordable homes with below-market rents.”
The Department administers Nevada’s tax-exempt private activity bond program to facilitate public-private collaboration in financing eligible projects at below-market interest rates. Since 2019, $1.35 billion has been transferred to NHD for affordable housing development.
This bond authority incentivizes private developers by providing a mechanism for financing at lower costs than conventional methods offer. Developments will remain affordable rentals for at least 30 years due to developer tax credits through the Low-Income Housing Tax Credit program.
Low-income seniors and families can access listings of available market and affordable rentals via https://nvhousingsearch.org.
