Gov. Joe Lombardo recently released the details of his proposed Nevada Housing Access and Attainability Act.
The bill is targeted at assisting residents earning up to 150% of the Area Median Income to find housing, while also providing incentives for homebuilders.
A key part of the bill is the creation of the Nevada Attainable Housing Fund. The bill would dedicate $250M in state funding to support more than $1B in housing efforts. Funding would be derived through grants, loans and rebates.
Funds will come from the State of Nevada matching local grant funds. Lombardo claimed it would be more straightforward for local entities to determine the needs of residents.
Lombardo stated a separate incentive program is targeted toward households earning 60% of the AMI. Currently, the median household income in Clark County is $73.8K/year. The 150% AMI plan is intended to aid Nevada’s workforce and families find homes. If approved, funds will go toward down payment and rental assistance.
A council will also be created to oversee the housing fund. Homebuilders are to receive incentives from the Nevada State Infrastructure Bank as well as low-interest loans. Developments funded through the Attainable Housing Fund are to be exempt from prevailing wage requirements. There will not be a minimum hourly rate of worker-pay for public works projects.
Prevailing wages vary across regions and jobs throughout the Silver State. Lombardo believes removing prevailing wages from these projects will encourage fair labor practices and promote cost efficiency. Developers will also see streamlined review and permitting processes. Contractors in rural areas will have an easier time receiving licenses.
In total, the Silver State needs more than 78,000 affordable rental units. The most populated area in the state, Clark County, has 88% of its land controlled by the federal government. Separate discussions are in process to free up some federal land for housing development. (Source)