A revised version of Gov. Joe Lombardo’s proposed Nevada Housing Access and Attainability Act, also known as Assembly Bill 540, was heard on Friday, May 30.
When the plan was initially introduced in April, it was proposed to have a $250M budget to provide homes for up to 16,000 households. The plan has since been reduced to a $133M budget intended to help around 5,000 households.
The heart of the plan is to utilize state funds to spur housing construction, while also providing relief for families seeking affordable housing opportunities.
A representative of the Southern Nevada Regional Housing Authority said combating the housing shortage will result in a stronger economy. The $133M funding will be split between three different initiatives.
Incentives to develop attainable housing have a budget of $25M. This will most likely take shape in the form of matching grants. There will also be $25M dedicated to down payment assistance and interest rate buydowns to assist new homeowners.
The remaining $83M will go toward developing attainable housing directed at serving members of the community at or below 150% of the Area Median Income. This will come in a variety of forms, from loans to grants and rebates. This money will also be used to develop low-income tax credit properties and land acquisition for further development.
Some of the initial bills, namely funds for supportive housing development, rental assistance and eviction diversion programs, are not to be implemented directly from AB540. Christine Hess of the Nevada Housing Division said those will all be eligible uses but were removed from the legislation since they are available elsewhere.
While legislation to combat the housing crisis was popular on a bipartisan basis, some were concerned about the proposed legislation did not specify goals to help first-time homeowners purchase a starter home. Gov. Lombardo’s Chief of Staff, Ryan Cherry, said that aspect was discussed but not implemented in the written legislation. He went on to say the goals of the Housing Act will change over time. No vote has been taken on the legislation at this time. (Source)