Dear NHC Members and Stakeholders,
Is summer really over? Time has gone quickly, but neither the work, nor the need, for affordable housing take a vacation.
Over the past few months, NHC has been convening nearly 70 housing stakeholders across the state from diverse sectors – affordable housing, private developers, finance, healthcare, economic development, nonprofits, local governments, advocates – to develop a comprehensive plan for affordable housing investments with the American Rescue Plan Funds.
This has been a tremendous effort and we are excited to announce our recommendation that Nevada invest $500 million in housing infrastructure for long-lasting solutions that can transform our current affordable housing landscape. Our recommendation is divided into 4 separate areas of investment including $275 million for affordable housing multi-family development, targeting our highest impacted communities and greatest need; $125 million for affordable housing preservation; $50 million for affordable homeownership; and $50 million for land.
This is a bold ask, but we know that affordable housing does not just happen – we see our continued rising rents and home prices. Additionally, we also understand that money alone will not solve everything. NHC strongly recommends that these funding initiatives come with support and prioritization of capacity building. This one-time money must not only build physical infrastructure, but it must also increase our ability to sustain this work. NHC also strongly recommends, and is committed to the work of, regional convenings of all stakeholders so that we may maximize and coordinate the leverage of these dollars. We pledge our commitment to supporting the Nevada Housing Division, the Nevada Advisory Committee on Housing, Nevada leadership and others that may execute this vision.
More details and opportunities to support this work are outlined in our overview: NHC ARPA RECOMMENDATION. Upon your review of our proposal, please log in to NevadaRecovers.com to submit your support for this investment in affordable housing by our state and also submit your ideas.
A special thank you to our Task Force members and all who have provided their feedback to reach this point. Looking forward to the work ahead!
Christine