Nevada’s efforts to increase housing availability received a significant boost Thursday as the Nevada Attainable Housing Council approved over $64 million in awards statewide. The funding is intended to support the development of 5,362 housing units, according to the Department of Business and Industry’s housing division.
A New Approach to Housing
The awards stem from AB 540, the Nevada Housing Access and Attainability Act, which created the $133 million Nevada Attainable Housing Account. Governor Joe Lombardo prioritized the bill during the 2025 legislative session, and it broadened the definition of affordable housing to include households earning up to 150% of the area median income.
“Today, we took another major step to make it easier for working families in Nevada to find attainable housing,” Governor Lombardo said in a statement. “Through the Nevada Housing Access and Attainability Act, my administration approved more than $64 million to projects across the state that will kickstart development and homeownership opportunities for low- and moderate-income households.”
Funding Details and Future Plans
Approximately $22 million has already been allocated for homebuyer assistance programs through the housing division and Nevada Rural Housing. Just under $47 million remains available for future recommendations from the council. The state anticipates replenishing much of the allocated funding over the coming years.
A $3 million allocation will fund land acquisition near Boulder Highway and Russell Road for 144 attainable housing units, with Ulysses Development Group slated to complete the project in 2028. The loan for this project will be repaid, allowing the funds to be reinvested.
Nearly $3 million is designated as grants for supportive housing projects, including Visions Park in Las Vegas, a 100-unit complex for the visually impaired operated by the Blind Center of Nevada, and a similar development in Reno by Volunteers of America. Just under half of the units at Visions Park will be available to those earning less than 30% of the area’s median income.
More than $22.8 million has been earmarked for five single-family residential developments, two of which are located in Clark County. These developments will target households earning between 80% and 150% of the area median income.
New Territory for the Housing Division
The housing division is venturing into new territory by working on projects targeting households earning above 100% of the area median income, a relatively uncommon practice for the agency. Christine Hess, the housing division’s chief financial officer, noted that only three or four housing finance agencies nationwide currently operate in the single-family, for-sale space.
The application process also presented challenges, with some companies initially providing minimal responses to detailed prompts. Steve Aichroth, the housing division’s administrator, anticipates some “push and pull” as agreements are finalized with these partners.
Clark County is eligible for approximately $7.6 million in matching funds, to be used for waiving or deferring fees and taxes on attainable housing projects. The city of Las Vegas also sought funding, but the Housing Division is still reviewing those requests.
Frequently Asked Questions
What is the Nevada Attainable Housing Account?
The Nevada Attainable Housing Account was created by AB 540 and totals $133 million. It is intended to boost housing inventory in the state.
How many housing units will be supported by this funding?
The funding approved Thursday will support the development of 5,362 housing units statewide.
Are all of the funds being distributed as loans?
Most of the funds are structured as loans that will be repaid, allowing for reinvestment. However, nearly $3 million is being allocated as grants for supportive housing projects.
As Nevada continues to address its housing needs, will these initial investments prove sufficient to meet the growing demand?
Keep reading