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The funding would allow targeting of 10-20% of the units for those earning less 30, 40 or 50% of AMI. If the funding can be leveraged with other debt funding, these funds could preserve up to nearly 4,000 units. Leveraged with other debt funding, up to 1,700 new units could be developed with this investment. Ovation Development Corp hosted the event at the site of the future home of Capriccio by Ovation, a senior affordable apartment community.
Home Means Nevada, Inc. , a state affiliated nonprofit organization, which was established for the development and execution of homeowner assistance to address the challenges and needs of distressed homeowners. The program currently designated to Home Means Nevada, Inc. is the State’s Foreclosure Mediation Program as established with the passage of Senate Bill 490 of the 2017 Legislative Session. As a stand-alone funding source, this investment could produce up to 1,000 new units for families and seniors earning less than 60% of Area Median Income .
Nevada Housing Division outlines $500 million Home Means Nevada housing initiative
“Advancing housing opportunity is a priority of the Biden-Harris administration and the “Home Means Nevada” initiative is a significant investment in housing, made possible by the President’s American Rescue Plan. I applaud Governor Sisolak and the state legislature for putting these federal funds to work to address the housing costs and housing supply needs of the people of Nevada. A portion of the funds would be earmarked for rehabilitation, including home accessibility improvements of existing single-family owned homes for up to 7,000 homeowners. This would enable Nevada’s seniors to age in place and could also provide substantial energy saving and safety improvements for most of the recipients. An incentive program to drop the cost of new homes from $500,000 to $350,000, land purchase or other mechanism, such as down payment assistance, would develop and make obtainable up to 200 new single-family homes. As a stand-alone funding source, this investment could rehabilitate and preserve over 3,000 units for families and seniors earning less than 60% of Area Median Income .
To maximize the impact and benefit more than 13,000 households throughout Nevada, the division will leverage these direct investments with other forms of available debt financing programs. Today, Governor Sisolak, joined by federal, state and local partners, officially launched the “Home Means Nevada” housing initiative and opened applications for developers. “I’m pleased to be here in Nevada for this historic announcement,” said HUD Deputy Secretary Adrianne Todman.
Home Means Nevada
This would keep the units affordable for an additional 30-years going forward. The Nevada Housing Division has provided details in the Pre-Application Guidance for your review. Included in this Guidance are details of what are considered eligible projects for this round of ARPA Housing Funding. Please read the Guidance carefully before you begin your Pre-Application.
It was written by Bertha Rafetto in 1932 and officially adopted by the Nevada Legislature in 1933 as the official state song.
Home Means Nevada Co.
During the launch, Governor Sisolak announced the State is ready to begin accepting applications for new affordable housing projects funded by the “Home Means Nevada” initiative. More low-income veterans and families in Carson City will be able to find affordable housing thanks to this new development project funded by Home Means Nevada. This is what this initiative is all about – getting more Nevadans into safe, secure housing. The Nevada Housing Division will shepherd a key initiative of the state’s planned investment of federal American Rescue Plan Act dollars. Across Nevada, many residents are impacted by the lack of affordable housing. This has resulted in rising rents, displacement of long-time residents, housing instability for vulnerable populations and increased health insecurities for those disproportionally affected by the COVID 19 Pandemic.
To address these issues and others, the American Rescue Plan Act was passed which created the State and Local Fiscal Recovery Funds , in which addressing housing affordability and homelessness are identified as eligible uses for these funds. The state of Nevada is committing $500 million from these funds to address these pressing issues through the HOME MEANS NEVADA INITIATIVE. Before completing the Pre-Application, please read the Pre-Application Guidance. You will also have to submit your Nevada Letter of Good Standing for your business as well as the Conflict of Interest form with your application. For questions on completing the application, please review our Frequently Asked Questions. The initiative proposes four categories of funds that will be administered by the division pending the Legislature’s Interim Finance Committee review and approval.
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