Nevada Housing Access and Attainability Act
The Act represents a bold, innovative, and comprehensive
approach to addressing our state’s housing challenges by lowering the cost of
housing, expanding attainable housing options and eligibility for Nevada
residents, and eliminating barriers to development. The Act represents a
culmination of many hours of work and meetings of a Housing Task Force
comprised of stakeholders and industry experts across the housing spectrum
convened by Governor Lombardo, including the Nevada Housing Division (“Housing
Division”) leadership.
The Act appropriated $133 million dollars to support the
development and construction of new attainable homes; provide financial
assistance for low and moderate-income properties; aid in land acquisition for
attainable housing development; provide homebuyer assistance for essential
workers (including teachers, nurses, and law enforcement); and match grants for
local governments who commit to increasing the attainable housing supply. An
additional $50 million in bonds will be issued to fund the Attainable Housing
Infrastructure Account to help lower home prices and homebuyer assessments for
attainable housing built in Special Improvement Districts and Special
Assessment Districts by funding the infrastructure associated.
The Act expanded the ability of the State to target future
programming of the State’s resources by revising current definitions of
affordable housing tiers as part of the larger shift in how the State defines
attainable housing. The statutory definitions now include the most vulnerable
Nevadans, with incomes below 30% of the area median income, and essential
workers statewide up to incomes at 150% of the area median income.
And finally, this Act benefits Nevadans statewide --
not just those in our larger communities. The Act enables enhanced contractor
licensing reciprocity in regions identified as having an acute housing supply
shortage with unique challenges in our rural communities. This streamlined
approach will foster development, get shovels in the ground, and lower housing
costs for rural Nevada families.
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