NHD announces $300.7M to go towards affordable housing
“The Nevada Housing Division has announced $300.7 million has been allocated to bring more affordable housing to the state.
The money comes from the Department of Business and Industry’s tax-exempt private activity bond (PAB) program. The program facilitates public and private sector collaboration by financing eligible projects at below market interest rates. Bonding authority can be used for projects like industrial manufacturing, healthcare facilities, and affordable housing development.
‘There’s a huge demand both in Clark County and in Washoe County for housing projects,’ said Steve Aichroth, Nevada Housing Division Administrator. ‘It’s really going to assist the development community in being able to build these projects.’
Fourteen affordable housing developments are currently under construction throughout the state. All are expected to be completed by 2024 and include a mix of senior and family complexes. The PAB project contributed to these developments, but the $300.7 million will be used for future projects and it could be a while before we see it’s effect on our communities.”