Nevada Governor Joe Lombardo introduced legislation Tuesday that is trying to create more opportunities for attainable housing.
This is the first bill the governor has brought forth in the 2025 Nevada Legislative session.
Earlier this year, when Lombardo gave his State of the State Address, he touched on the Nevada Attainable Housing Act, saying he would prioritize state funding that could support $1 billion in new attainable housing units across the silver state.
This bill is a step in that direction.
The original bill draft request was moved into formal legislation by the Committee of Government Affairs Tuesday morning.
It was formally introduced as Assembly Bill 540 on the assembly floor the same day.
It was referred to the Assembly Commerce and Labor.
The bill is currently 75 pages long in its current form.
Essentially, it's trying to gather attainable house funding that would be stored in a specific account that would then be distributed by a new Nevada Attainable Housing Council.
This council would provide oversight to make sure the money is being distributed properly.
Currently right now, there are three tiers of affordable housing.
The first tier is for residents who bring in 60% or below the area median household income.
Tier two is between 60-80% and the third is 80-120%.
This proposed bill would add a fourth tier for folks making 120-150% of the area median household income.
That number will be determined by the U.S. Department of Housing and Urban Development.
The HUD has the state's median family income at just a little more than $90,000, and Washoe County is a little more than $100,000.
A proposal in the bill is looking to revise the term affordable housing to attainable housing.
This bill is also looking to have governing bodies of each county and city to find expedited processes for attainable housing projects.
The governor is trying to reduce fees for getting those developments built.
This act is looking to create $200 million to the housing account from the State General Fund.
Each attainable housing project or program could receive a grant of money from the account.
The bill says that any money left over from the fiscal year would be carried over to the next.
The proposal suggests that whoever is building the development would have to secure matched funding from either private investments, local governments, or federal money.
This is unless, the Division and Council decide that it's in the "best interest of the residents of the state" for rental assistance or eviction diversion.
The bill does not have a scheduled hearing as of Tuesday night.
It's still in the early stages, so things could change through revisions and amendments.
