Sparks transfers 50% of 2025 private activity bond cap to state housing programs

During public hearings on Aug. 25 the Sparks City Council approved two companion resolutions (Nos. 3473 and 3474) to transfer 50% of the city's 2025 private activity bond cap to state housing programs. Amy Jones, housing specialist, said the city's full allocation for 2025 is $7,455,361.51; staff recommended transferring $3,727,680.75 to the Nevada Housing Division for its Home Is Possible and multifamily programs and $3,727,680.76 to the Nevada Rural Housing Authority for single‑family homeownership programs.

Jones explained that private activity bonds are tax‑exempt bond cap that the city may transfer to state agencies to support qualified homeownership and affordable‑housing projects; unused allocation reverts to the state after Aug. 31 if not transferred. She provided historical context on prior transfers and described the types of households generally served by the recipient programs. Councilmember Plavey asked how many households might be served; staff said the figure is program‑dependent and provided a recent example that Nevada Rural Housing assisted about 79 households with $15.6 million in mortgages in the referenced year, noting that the average loan was about $384,992 in that instance.

Both resolutions were moved and seconded on the dais and carried unanimously among members present. Staff said it would continue to track program outcomes and can provide more specific estimates about households served if requested.