Clark County approves $160M to fund 4K affordable housing units
LAS VEGAS, Nev. (FOX5) - The Clark County Commission approved plans for approximately 4,000 affordable housing units with $160 million in funding, to meet the Valley’s shortage of homes for struggling families.
Affordable housing programs are available for residents with 80% or below the median income, which sits at $45,000 a year or less for Southern Nevadans. According to the Nevada Housing Coalition, the state lacks more than 84,000 units for those with extremely low incomes.
The move comes as many Southern Nevadans are being pushed to the brink of homelessness, amid rising rents and lack of inventory.
“We will not have solved this problem in five years. There are tens and tens of thousands... but it’s a place to start,” said Chair Jim Gibson. “We’ll be able to do far more next year, we’ll just get better and better at it. And our plan is to continue to fund in a way that enables us to meet the challenge, 80,000 households short of housing,” he said.
The funding will aid developers to build and create affordable housing projects.
According to Gibson, 1,057 units are currently under construction, 893 units are in the development phase, and another 1,129 are seeking additional funding or gap financing.
The county has a goal of housing 2,022 families by the end of 2022. Gibson said that 2,022 units will either be built or in the works by the end of the year.
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