Nevada housing division details $150 million initial plan for attainable housing account

Assembly Bill 540 would establish a Nevada Attainable Housing Account with a $150 million initial allocation to support development, homebuyer assistance and local-government incentives, Nevada Housing Division officials told the Assembly Ways and Means Committee during a May hearing.

The most substantive fiscal description came from Steve Acroft, administrator of the Nevada Housing Division, who said the bill “is the fiscal portion” for an attainable housing effort and described how the account would be structured. “A hundred million is designated for loans and grants to support development, specifically multifamily and single family development,” Acroft said, adding that the $100 million would cover “middle missing middle housing, low income housing tax credit gap financing, and land acquisition.” He said an additional $25 million would be set aside for homebuyer assistance and another $25 million would be incentives to local governments to spur development.

The nut of the bill, Acroft said, is that the account’s eligible uses include rental assistance, eviction diversion and supportive housing even though those items are not part of the initial allocation. “There are other methods being examined to advance those particular items, but they still will be an eligible use of the funds,” Acroft said.

Why it matters: the bill creates a dedicated fund and an initial spending plan for multiple housing activities at a time when state and local officials are seeking ways to increase supply and assist renters and buyers. Acroft said the Nevada Attainable Housing Council would assist the Housing Division in forming uses of the fund, and the bill requires reporting twice a year to the Interim Finance Committee on progress and uses.

During the hearing, Assemblymember Bacchus asked whether the Housing Division has staff capacity to manage a large new program. Christine Hess, chief financial officer for the Nevada Housing Division, said the division had asked during the task force process that the governor’s recommended budget include seven new positions to support the work. “We feel confident that the new positions will also support this effort,” Hess said, adding that the division intends to leverage existing programs and structures to deploy funds expediently and minimize costs.

Supporters who spoke at the hearing included Taylor Avery, manager of political affairs for the Vegas Chamber, and Mindy Elliott of Flynn Juicy Government Affairs. “The Chamber is in support of AB 540. It is the Chamber’s belief that this bill will help ease the strain on the state’s housing market,” Avery said. Elliott testified on behalf of multiple housing authorities and the Nevada Housing Coalition and referenced the prior Home Means Nevada appropriation: “We’ve seen the impact that Home Means Nevada did during the last session when you so generously appropriated $500,000,000,” Elliott said.

No one testified in opposition, and there were no callers requesting to speak. The committee closed the hearing after questions and statements from presenters.

Details for readers: the bill text references specific sections (10, 11, 14.5, 15 and 50) that define eligible uses, an allocation plan, the role of the Nevada Attainable Housing Council and the reporting requirements. The bill’s initial allocation is described as modifiable in later action, and Acroft said the division is examining additional methods to fund rental assistance and supportive housing if the council and division determine those uses appropriate.

The hearing record does not include a committee vote on AB 540; the session closed after testimony and questions.