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Council approves transfer of $16.8M private activity bond cap to Nevada Rural Housing
Summary
The Fernley City Council voted 4-0 to transfer its 2026 private activity bond volume cap to the Nevada Rural Housing Authority to support homeownership programs, including a $20,000 down-payment assistance option called Rural Rocks 20K.
The Fernley City Council unanimously approved a resolution to transfer the city’s 2026 private activity bond volume cap to the Nevada Rural Housing Authority. Councilman Torres moved to adopt the resolution; Councilman Hannon seconded, and the motion carried 4-0.
Katie Coleman, communications director for Nevada Rural Housing, told the council the transfer will expand rural affordable homeownership options. "We've been around for more than 50 years, and our focus really is to expand housing opportunities across rural Nevada," Coleman said, and she cited the agency's record assisting more than 11,000 homebuyers since 2006. Coleman said the city's unused cap—stated in the presentation as $16,800,000—would support programs such as Launchpad and Rural Rocks (described as "Rural Rocks 20K"), which can provide up to $20,000 in assistance to qualifying buyers.
Council members who spoke in favor said the transfer helps local homebuyers without drawing on city operating funds. The resolution transfers only the federal private-activity volume cap (a federal tax-exempt bond allocation), not city cash. Staff will complete any necessary paperwork to finalize the transfer and provide follow-up materials to council and staff.
