The state's housing division has approved a $300 million bonding authority aimed at supporting more affordable housing construction.
As reported by the Nevada Appeal Capitol Bureau, "The Nevada Housing Division on Wednesday announced $300.77 million in tax-exempt bonding authority to develop affordable housing projects." The new bonding authority will allow the state to approve more affordable housing projects, which Nevada Governor Steve Sisolak calls "a critical need." Another article by Ana Rodriguez states: "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."
"Business and Industry administers the tax-exempt private activity bond program to facilitate public/private collaboration in financing eligible projects at below market interest rates. The money will help incentivize private developers to build affordable housing that will remain below-market residential rentals for at least 30 years," says the Nevada Appeal article. The 14 affordable housing projects currently under construction in Nevada are expected to yield 2,898 new affordable units by 2024.
FULL STORY: Nevada announces $300 million for affordable housing
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