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Fernley council transfers 2025 private activity bond cap to Nevada Rural Housing
Summary
Council approved Resolution 25-011 to transfer the city's unused 2025 private activity bond cap to Nevada Rural Housing; the agency said the transfer supports rural homeownership and rental assistance, and reported 21 local homebuyers served since June using similar programs.
The Fernley City Council unanimously approved Resolution 25-011 to transfer the city's unused 2025 private activity bond volume cap to Nevada Rural Housing, a state housing finance agency that supports rural homeownership, rental assistance and housing development.
Katie Coleman, communications director for Nevada Rural Housing, told the council that bond cap transfers are not direct city expenditures but a federal allocation that helps Nevada Rural issue tax-exempt bonds. She cited prior results from the agency's Launchpad program: a $25 million mortgage fund that served 79 families and recent local activity assisting 21 homebuyers in the Fernley area with about $6.8 million in mortgages since June.
Councilman Torres moved approval and Councilman Hannon seconded; the motion carried 5-0. Staff said the transfer does not affect the city's general fund and that Nevada Rural Housing will provide program details as funds are implemented.
