Governor Steve Sisolak says over 13,000 households in the state stand to benefit out of the housing initiative worth $500 million which he proposed the past week. The initiative combines direct investments and the leveraging of other debt financing program forms.
This initiative, which Sisolak dubbed “Home Means Nevada”, is meant to use federal money set aside for COVID-19 relief towards establishing four different fund categories inside the Nevada Housing Division.
Sisolak, a Democrat vying for reelection, stated that this would be the single biggest investment related to housing in the history of the state. According to him it will assist in lowering costs as well as boost availability. Sisolak also said it would help seniors to make repairs needed to stay in their current homes.
As of now, the spending is pending approval from the Interim Finance Committee of the Legislature.
The single largest source of funds would be intended for “multi-family development”, which amounts to $300 million. That could suffice to construct and set up 1,000 housing units meant for seniors and families who earn under 60% of the area’s median incomes. According to Sisolak, it could also find use in leveraging other debt funding meant for developing up to 1,700 more units.
A multi-preservation fund of $130 million having similar income guidelines would make possible the preservation and rehabilitation of over 3,000 units. Debt funding would be leveraged for another 4,000 units as well.
The package is also aiming for a $40 million land acquisition grant.
