Senate approves $133 million housing appropriation and $50 million bond authority in AB 540

The Nevada Senate voted to pass Assembly Bill 540, which creates a multi-part funding package for attainable housing and directs sizable new resources into the Nevada Attainable Housing Account.

The bill, as amended on the floor, directs $133,000,000 to the Nevada Attainable Housing Account in the state general fund and requires the issuance of $50,000,000 in bonds in the next biennium for attainable housing infrastructure.

Senator Edgar Flores presented amendment number 990 on the floor, which the floor described as prioritizing single-family homes affordable to households with monthly gross incomes at or below 50% of the county median, renaming the housing advocate within the housing division, revising provisions of the statewide low-income housing database, and requiring the $50,000,000 bond issuance. After adoption of the amendment and a successful motion to suspend rules and declare the measure an emergency, the Senate held a roll-call vote.

Senators approved AB 540 by a vote of 15 yeas and 6 nays. The presiding officer declared AB 540 passed and ordered to the Assembly.

Floor action included suspending rules to expedite consideration, inserting the adopted amendment into the bill, and withdrawing an additional amendment (9 91) per the motion made on the floor. Debate on the floor was limited in the transcript record; some senators requested a brief recess to review the amendment text before the vote. Supporters framed the measure as a major investment to expand attainable housing; one senator described the funding as "a step in the right direction to help small businesses" in another bill, and on AB 540 senators described the appropriation as an important tool for housing projects.

The Assembly will receive notice of the Senate’s action and may proceed with enrollment or concurrence steps pursuant to the usual legislative process.