Clark County approves allocating nearly $120M for affordable housing
LAS VEGAS, Nev. (FOX5) - Clark County Commissioners on Tuesday approved allocating nearly $120 million towards affordable housing in the Las Vegas Valley.
Submitted to commissioners by Kevin Schiller, deputy county manager, the agenda stated that the request was submitted “in response to the unprecedented crisis in housing affordability and availability.”
Clark County says its “Welcome Home Community Housing Fund” was “created to address the urgent need for housing for low-income residents, families, seniors and those who are employed but unable to find affordable housing.”
As part of the program, Clark County will allocate nearly $120 million to develop more than 3,100 homes in the Las Vegas Valley.
Clark County says the funds will go towards the creation of 2,139 new low-income and workforce housing units as well as the rehabilitation of 967 existing units.
Clark County officials believe there’s currently a shortage of more than 85,000 homes for residents considered extremely low-income and very low-income, which means they earn less than 50% of area median income. For example, according to the county, a very low-income family of four would earn less than $37,500 a year.
“The lack of affordable housing in Southern Nevada greatly affects residents who are working to escape homelessness and those at risk of becoming homeless.”
The motion passed Tuesday with all seven Clark County Commissioners voting in favor of the funding.
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