The G3Wire- March 4, 2022

In Governor Sisolak’s State of the State address, the Home Means Nevada initiative was announced. The program will invest $500 million to lower the cost of housing, help seniors make repairs and accessibility retrofits to stay in their homes, and boost housing availability.

There will be four categories of funds that will be administered by the Nevada Housing Division: 

Multi-family Development – $300 million 

  • As a stand-alone funding source, this investment could produce up to 1,000 new units for families and seniors earning less than 60% of Area Median Income (AMI). The funding would allow targeting of 10-20% of the units for those earning less 30, 40 or 50% of AMI. 
  • Leveraged with other debt funding, up to 1,700 new units could be developed with this investment.

Multi-family Preservation – $130 million 

  • As a stand-alone funding source, this investment could rehabilitate and preserve over 3,000 units for families and seniors earning less than 60% of Area Median Income (AMI). This would keep the units affordable for an additional 30-years going forward. 
  • If the funding can be leveraged with other debt funding, these funds could preserve up to nearly 4,000 units.

Land Acquisition – $40 million 

  • Given the current average cost per acre and number of acres in the typical affordable housing development, this funding could be used to secure nearly 100 acres of land to create 700-800 units of affordable housing. 
  • This could be leveraged with Federal Low-Income Housing Tax Credits to help offset the current increase in interest rates and construction costs.

Home Ownership: New Development/Rehabilitation – $30 million 

  • An incentive program to drop the cost of new homes from $500,000 to $350,000, land purchase or other mechanism, such as down payment assistance, would develop and make obtainable up to 200 new single-family homes. 
  • A portion of the funds would be earmarked for rehabilitation, including home accessibility improvements of existing single-family owned homes for up to 7,000 homeowners. This would enable Nevada’s seniors to age in place and could also provide substantial energy saving and safety improvements for most of the recipients.

Federal Updates

Cortez Masto, Rosen Introduce Bill to Cap Out-of-Pocket Costs and Lower Price of Insulin for Nevadans

Cortez Masto Works to Address Rural Healthcare Shortages 

Cortez Masto, Rosen Call on IRS to Discuss Tip Allocation Rate with Nevada Labor Unions

Senate Passes Rosen, Fischer Bipartisan Data Mapping to Save Moms’ Lives Act 

Rosen Statement Following President Biden’s State of the Union Address

Congressional Gaming Caucus Co-Chairs Titus And Reschenthaler Along With Reps. Brown, Amodei, And Horsford Introduce Legislation To Raise Reporting Threshold On Slot Winnings

Rep. Susie Lee Votes to Pass Bipartisan Legislation to Deliver Benefits to Veterans Exposed to Toxins During Service

Rep. Susie Lee Responds to the 2022 State of the Union Address

News from the Governor’s Office

Annual revisions add 50,000 jobs; Unemployment rate 5.2 percent

Eligible Nevada organizations seeking federal grants may qualify for state matching funds

Governor Sisolak’s Office releases statement regarding incident at Las Vegas restaurant

Governor Sisolak, Superintendent Ebert, Lieutenant Governor Cano Burkhead, and CCSD Superintendent Jara Read to Students for Nevada Reading Week

State Agency and Local Government Updates

Silver State Health Insurance Exchange Names Ryan High as Executive Director

DHHS announces leadership change in Welfare Division

Nevada joins Northwest Prescription Drug Consortium

Secretary Cegavske Announces Slight Increase in Active Registered Voters in February

GOED-Nevada Unmanned Aircraft Systems (UAS) Test Site Transitioning to UNR

NSHE- Board of Regents Appoint WNC Interim President

Nevada Native Seed Forum to discuss native seed for land restoration

Clark County Continues To Address Housing Crisis, Supports Funding For Affordable Housing Developments

CCSD Recruitment Efforts Focused On Talented Individuals And “Growing” Current Employees

Articles of Interest

Road to Recovery: Revised jobs report shows employment near pre-pandemic levels (NV Independent)

From prayers to protests, Nevadans rally in support of Ukraine (NV Independent)

New rule would let casinos, businesses that left NV Energy come back (NV Independent)

Las Vegas gas prices hit all-time high after overnight spike (LVRJ)

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