Officials plan talk on small-business expansion, job training

Without job growth, there’s little demand for homes.

The Federal Home Loan Bank of San Francisco is in town today to spur both.

The reserve bank for the home-finance industry has scheduled roundtables to discuss small-business expansion and job training in five regional cities, starting with Thursday’s event in Las Vegas. Panels in Phoenix, Sacramento, San Francisco and Los Angeles will follow through spring.

The idea, said bank executives, is to find ways to invest $40 million in programs that boost quality jobs that would, in turn, push up languishing homeownership rates.

“Our hypothesis is that one reason you have stagnation in homeownership and growth is because people are not in jobs making high-enough wages or they feel like they can’t advance,” said Lawrence Parks, senior vice president of legislative and external affairs for the Federal Home Loan Bank of San Francisco. “Businesses are not getting the necessary capital to expand so that they can create higher-paying jobs. We want to look at best practices on moving people up the income ladder.”

The five cities would split the $40 million, which may come from grants, revolving-loan funds or community groups. Bank officials will also leverage the catalyst money with matching funds from corporations or nonprofits.

Las Vegas will host the first roundtable partly because the California bank doesn’t want leaders in Nevada and Arizona to feel like their states are an afterthought, Parks said.

But more importantly, Las Vegas was the “epicenter of the foreclosure crisis,” and its concentration of hospitality jobs plus an influx of new industries such as green energy and electric-car manufacturing have created a dynamic economy, Parks added.

“It made for interesting new growth opportunities, and an expansion of existing opportunities, that we thought made for a nice package to start with,” he said.

The public is welcome to attend the discussion inside the Las Vegas Culinary Institute at 710 W. Lake Mead Blvd. from 1-6 p.m. Participants may take questions from the audience.

Leaders scheduled to participate include former Rep. Steven Horsford, D-Las Vegas, now an executive with ad agency R&R Partners; NV Energy executive Tony Sanchez; Karl Bell, a senior vice president of community development financial institution Invest Detroit; D. Taylor, president of labor group UNITE Here; and Virginia Valentine, president of the Nevada Resort Association.

“We wanted a balance of theoreticians and end users (of investments),” Parks said.

Some of those end users might be in leisure and hospitality, and Valentine has gathered input from her 65 resort members.

“We don’t get that kind of money for job training every day. How they focus their efforts will be very important,” Valentine said. “I’m hoping for some brainstorming on where their efforts can best be focused to benefit the community as a whole.”

Horsford, who led the Culinary Training Academy and Nevada Partners before he joined Congress, said he hopes the discussion will “highlight best practices” that might need “additional support.”

“Beyond allocation of the $40 million, we need better policies and practices to help people with the resources we have available,” Horsford said. “Sometimes it doesn’t cost money. It just means better insight into what the solutions need to be.”

He cited Culinary Local 226’s partnership with hotel-casinos in a trust fund to provide down-payment assistance to resort workers who need help buying a home.

“North Las Vegas, West Las Vegas and Southern Nevada in general are the epicenter of where a lot of the need is,” Horsford said. “If we can position ourselves to get programs that work, we should be at the table to do that.”

Washington, D.C.-based policy think tank Aspen Institute will release a summer report on findings from all five roundtables. That study will shape the funding criteria and programs the bank supports, Parks said.

“What I want to come out with is an understanding of how we can help people move up the income ladder,” he said. “What’s successful? What’s not successful? We don’t really come in here with any presumed outcome except to help people move up.”

Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.

ad-high_impact_4
Business
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like