The Nevada Housing Division announced Wednesday that $300.7 million will go to the development of affordable housing projects in the state. The money makes up 87% of Nevada’s 2021 tax-exempt bonding authority and is the highest amount earmarked for state-led affordable housing developments since the inception of the state’s tax-exempt private activity bond (PAB) program, according to Department of Business and Industry Director Terry Reynolds. — 8 News Now
The program aims to facilitate public and private sector collaboration in financing eligible affordable housing projects. There are currently 14 below-market-rate projects under construction located in Reno, Las Vegas, and North Las Vegas that will bring 2,898 residences by early 2024, with nine set for completion in 2022 and early 2023. The developments will remain at below-market rates for a minimum of 30 years.
No Comments
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.