As per Governor Steve Sisolak of Nevada, over 13,000 households in the state would gain from the housing initiative that he proposed. The so-called ‘Home Means Nevada’ initiative is worth $500 million in funding thanks to not just direct investments but also other debt financing program types.
Sisolak stated that the initiative would establish four funding categories in the Nevada Housing Division with federal money for COVID-19 pandemic relief. The Democratic Party member who seeks re-election added that it would become the biggest-ever housing investment of Nevada. He stated that it would aid in reducing costs, helping seniors with making repairs so that they can remain in their current residences, and boosting availability.
The Interim Finance Committee of the Nevada State Legislature must approve the spending.
Nevada plans to use $300 million as the largest fund to enable multi-family real estate development. The fund could contribute to the production of as many as 1,000 residential units to use for seniors and families who earn under 60% of their location’s median income. It is also possible to use the funding to leverage alternative debt financing to develop as many as 1,700 more housing units.
The processes of rehabilitating and preserving over 3,000 housing units would be possible thanks to a multi-preservation grant of $130 million with comparable income guidelines. It would also make it possible to leverage debt financing for almost 4,000 additional housing units.
The package calls for a $40 million investment for the acquisition of land too.
