AP

Nevada launches $500M program to boost affordable housing

Apr 15, 2022, 10:12 AM | Updated: 2:58 pm

LAS VEGAS (AP) — Nevada has announced the launch of a $500 million program to help provide affordable housing by tapping federal American Rescue Plan funding and new borrowing authority approved by state lawmakers.

Gov. Steve Sisolak said the “Home Means Nevada” initiative that he and other officials announced Thursday is the beginning of an effort to put housing within financial reach of more people.

“This is such an enormous problem,” said Sisolak, a Democrat. “You can’t solve it in a day or week (or) in a year. But we’re making huge inroads and we’re going to continue along that path.”

Nevada’s increasing population and the pandemic have exacerbated housing shortages and rising home and rental prices in the state.

The initiative’s goal is to lower housing costs, help people stay in their homes and invest in construction jobs, Sisolak said.

The program is aimed at working with developers to create up to 1,700 affordable housing units across the state and help about 7,000 seniors with accessibility and home repairs so they can stay in their homes.

“Getting just one more person, just one more person into a home, or keeping one more family in their home, is what this is all about,” said Sisolak, who is running for re-election this year.

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Nevada launches $500M program to boost affordable housing