The cost of renting or purchasing a home in Southern Nevada has been unaffordable for many, leading to the creation of the Community Housing Fund. | Unsplash/Mark Potterton
The cost of renting or purchasing a home in Southern Nevada has been unaffordable for many, leading to the creation of the Community Housing Fund. | Unsplash/Mark Potterton
Clark County's $160 million Community Housing Fund is currently accepting applications from developers seeking to build local affordable housing.
According to Clark County's website, since 2020, the county has prioritized the development of affordable housing to address problems of evictions and homelessness, which were exacerbated by the COVID-19 pandemic.
“The Community Housing Fund will help address the rising cost of purchasing or renting a home by supporting affordable housing programs and developments in Southern Nevada,” Commission Chairman Jim Gibson said, according to the Clark County website. “The launch of this fund is the latest significant step taken by the county to address the housing crisis here, and it gives us another tool to help residents stay housed.”
To meet the rising need for affordable housing, the County Commission approved plans earlier this year to provide funding for seven affordable housing developments. The developments are expected to make more than 600 apartments available for low-income seniors and families. County commissioners are also negotiating with a developer on a project that would create more than 100 affordable homes in the Southwest Valley.
The county’s CARES Housing Assistance Program (CHAP) has received more than $300 million to help 60,000 local households with rent or utility assistance. Additionally, more than 2,300 homeless individuals are currently being housed in unused hotel or motel rooms.
The first round of program funding will go towards the development or renovation of multi-family rental housing and land acquisition to be used for future affordable housing projects.
Developers seeking to develop local affordable housing are invited to visit the Community Housing Fund website for more information.
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