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Council asks staff to study bonding vs grants for HB 1406 affordable housing funds
Summary
Council directed staff to explore options for using the county’s annual HB 1406 allocation (about $800,000/year) either as direct grants via RFP or as backing for bonds to leverage larger sums for affordable housing; staff will report back on mechanics, administration, and equity implications.
Clark County Councilors asked staff to explore whether the county’s annual allocation from the state’s HB 1406 revenue-sharing program (commonly called the 14-06 fund) should continue to be awarded via ad-hoc council grants or be used as a revenue stream to support bonded financing that would leverage a larger pool of capital for affordable housing.
Jordan Bogie reviewed the program’s background: the state-authorized revenue sharing remits approximately $800,000 a year to Clark County…
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