LAS VEGAS (KLAS) — The Nevada Housing Division announced Wednesday that $300.7 million will go to the development of affordable housing projects in the state.
The money makes up 87% of Nevada’s 2021 tax-exempt bonding authority and is the highest amount earmarked for state-led affordable housing developments since the inception of the state’s tax-exempt private activity bond (PAB) program, according to Department of Business and Industry Director Terry Reynolds.
The program aims to facilitate public and private sector collaboration in financing eligible projects at below market interest rates.
There are currently 14 affordable housing projects under construction that will bring 2,898 affordable housing units online by early 2024, and nine of them are projected for completion in 2022 or early 2023. These developments will contain a mix of senior and family complexes, and new construction and rehabilitated units.
The developments are located in Reno, Las Vegas, and North Las Vegas.
Along with developer tax credits offered through the Low-Income Housing Tax Credit program, these developments will remain affordable, below-market residential rentals for a minimum of 30 years.
Qualified low-income seniors and families can find listings for available and affordable housing rentals by visiting this link.