According to Nevada state officials, the demand for reasonably priced housing is rising as the cost of living continues to increase.
New developments can take time, but on Wednesday, people in Sun Valley celebrated the latest affordable housing launch.
"The state of Nevada allocated $500 million, the most allocated by any state in the union from COVID funds, in order to create the Home Meets Nevada initiative," said Nevada State Treasurer Zach Conine. "That initiative put $500 million into affordable housing, and creation and retention all around the state. This project is just one of many made possible because of those dollars."
According to officials, housing affordability remains a critical issue in Washoe County. At the new complex, occupancy begins in multiple phases.
Some units may become available before all common areas or units are finished. Overall amenities include a clubhouse, fitness center, swimming pool, playground/outdoor space, and private patios, with the aim to create a "comfortable community-oriented" housing development.
Community manager, Kaylee Penberthy adds, "We allow residents to move in on a lower income bracket as well as lower rent, so it is a different income qualification, but they still move into the same beautiful units as everyone else."
Officials say when you move into a second or third-floor unit on a two or three-bedroom plan, you'll get three months free rent. Tenants will have access to all the property amenities with no restrictions. The property is close to a school, along with grocery stores, gas stations, and shops.
Conine explains who qualifies for these units.
"60 percent of the area median income is calculated every year, based on the average income of individuals in an area, then adjusted for family size. So, the goal here, right? Affordable housing is set up to make sure that the families in Nevada and who for working families, have the opportunity to feel in a great place."
According to a recent needs-assessment report, Nevada is short roughly 123,995 housing units statewide, based on population growth and current housing-unit availability.
The shortage exists due to structural and systemic causes. Several factors contribute to the lack of affordable housing in Nevada.
Supply hasn't kept up with demand. Rapid population growth over decades meant more demand for housing, but building didn't match that pace, therefore leaving a deficit in units.
Due to the severity of the widespread shortage, state and local governments, along with housing organizations, have identified affordable housing as a top priority. Efforts to preserve existing affordable housing stock through renovation and renovation incentives are underway, as building new affordable units alone won't be sufficient.
In rental housing, the supply shortage is especially acute. For every 100 households that qualify as "extremely low-income," there are only about 17 affordable and available rental homes.
Expanding funding through state-level housing initiatives, affordable housing tax credits, and federally funded housing programs are all solutions aimed at creating more affordable and workforce housing units.
AÂ recent statewide rural-housing study for Nevada found that only 11 out of 59 surveyed rural communities have affordable housing for households earning 100% of the median income.
