Sisolak Administration Key Facts: Affordable Housing

Affordable housing

In the last decade, over 400,000 people have moved into Nevada. With rising demand and short supply, it’s become increasingly difficult for families to buy a home and achieve the American Dream.

As additional families and businesses relocate and grow in Nevada, it is imperative housing is affordable, abundant, and accessible to support Nevada’s long-term success.

Governor Sisolak is committed to meeting affordable housing needs with the urgency the issue deserves. Totaling both previous and new investments announced today in the State of the State address, the Sisolak Administration is officially making the largest single investment in affordable housing in Nevada’s history.

In the STOS on February 23rd, Governor Sisolak laid out several significant investments related to affordable housing.

The Governor announced the new “Home Means Nevada” initiative, a $500 million commitment to lower the cost of housing, help people stay in their homes, and create good-paying jobs by investing:

●       $300 million towards affordable housing multifamily developments;

●       $130 million to preserve affordable housing;

●       $30 million to increase homeownership opportunities across Nevada;

●       $40 million for land acquisition for future affordable developments.

This will:

●       Create up to 1,700 affordable units across the Silver State;

●       Preserve up to 4,000 affordable units for an additional 30 years;

●       Assist with homeownership and supply available to middle income Nevadans;

●       Help over 7,000 seniors with accessibility and home repairs to lower their costs and ensure they can remain in their homes.

Additionally, the State Infrastructure Bank, funded for the first time ever under Governor Sisolak, is developing a new partnership with the AFL-CIO to invest $20 million toward new housing developments, constructed by union workers.

The Sisolak Administration took important steps to expand existing resources and increase affordable housing access in Nevada.

●       Nevada prioritized housing security throughout the pandemic. The state provided short-term rental assistance to over 43,000 families thus far, and help remains available.

●       In 2021 alone, Nevada built over 2,300 new affordable apartments.

●       During the week of February 13th, the State announced $300 million to develop affordable housing. Over 2,000 new affordable housing units are expected to be available this year or early next year.

Governor Sisolak will continue finding new, innovative ways to ensure all Nevadans can afford to call Nevada home.