In a significant move to address the housing crisis in Nevada, Governor Joe Lombardo announced a $250 million housing initiative aimed at assisting residents who earn above low-income thresholds but still struggle to find affordable housing in the Las Vegas area. The plan was introduced during a speech at a forthcoming affordable housing project in Southern Nevada.

Key Features of the Housing Plan

The Nevada Housing Access and Attainability Act seeks to broaden access to affordable housing by allowing individuals earning up to 150% of the local area median income to qualify. This expansion is particularly beneficial for essential workers, including teachers and healthcare professionals, according to Lombardo.

“The Housing Division estimates that for every dollar invested through the $250 million fund, there will be a leverage ratio of over five times, which provides program impacts of well over a billion dollars,” said Steve Aichroth, administrator of the Nevada Housing Division.

Funding Allocation

• $200 million designated for an “attainable housing account” for development and assistance.
• $50 million sourced from existing trust funds managed by the Nevada Housing Division.
• $125 million allocated to create a revolving fund to support additional housing projects over the years.

Addressing Rising Housing Costs

Since 2020, the cost of housing in Las Vegas has surged by approximately 50%, with median home prices now nearing $450,000. For renters, the average cost of a one-bedroom apartment stands at $1,324, as per Zillow data. The plan aims to alleviate the financial strain felt by middle-class renters, who nationally spend about 30% of their incomes on rent, according to NBC News.

Legislative Support and Challenges

The introduction of Assembly Bill 540 represents a critical part of Lombardo’s legislative agenda, but it requires bipartisan support in a Democrat-controlled Assembly and Senate. The governor expressed optimism about negotiations, emphasizing a cooperative approach to moving the bill forward.

However, the state Democratic Party has criticized the governor, linking the ongoing housing crisis to his previous vetoes on legislation aimed at regulating fees and caps on rent for vulnerable populations.

Partnerships and Future Plans

In addition to the housing fund, Lombardo announced a memorandum of understanding with the federal Bureau of Land Management to identify federal lands suitable for housing development. This agreement aims to expedite access to land for new projects, further addressing housing challenges.

“Housing is one of the most serious challenges we face in our state,” Lombardo remarked, highlighting the urgency of the situation.