LAS VEGAS (KLAS) — Governor Steve Sisolak launched the “Home Means Nevada” initiative Thursday morning by announcing a $500 million program for affordable housing in Nevada.

It will be the single largest investment in affordable housing in the state’s history and will complement the $300.7 million earmarked by the Nevada Housing Division earmarked for affordable housing projects through its tax-exempt bonding authority.

The high cost of housing and rent has been troubling for many Nevadans who are either struggling to buy a home or make monthly payments.

“In the last decade, more than 400,000 people have moved into Nevada and at the same time the median price of a single-family home in our state has risen two-fold to over $450,000,” Sisolak said.

The goal of the initiative is to lower the cost of housing and help people stay in their homes. The money would be used to construct housing, help seniors retrofit their homes, and improve their property.

“Nevada still has a deficit of 84,000 available and affordable homes for seniors and low-income,” Sisolak said.

Deputy Secretary of the U.S. Department of Housing and Urban Development, Adrianne Todman, said wherever she goes the cost of housing is an issue.

“Inevitably, it always comes down to their housing costs or someone’s housing cost in their family,” she said.

Sisolak who was joined by numerous politicians and local leaders made the announcement from the construction site of Capriccio by Ovation which will be an affordable apartment complex on Fort Apache Road near Wigwam Avenue for seniors.

Capriccio by Ovation is an affordable housing project that will provide homes for seniors. (KLAS-TV)

Sisolak said a website has been launched and is ready to take pre-applications from developers interested in building affordable housing projects. He said, in addition to helping with housing, the initiative will also create thousands of good-paying construction jobs.

The $500M is pandemic relief money coming from the American Rescue Plan.

Sisolak, a Democrat, is running for his second term as governor.