88°F
weather icon Partly Cloudy

Sisolak throws support behind Nevada affordable housing plan

Nevada Gov. Steve Sisolak is throwing his support behind a proposal to allocate $40 million in state tax credits before 2025 to build and preserve affordable housing.

Sisolak announced his approval of the program during his first State of the State address Wednesday night, and his proposed two-year budget recommends allocating $10 million in affordable housing tax credits beginning in the 2020-21 fiscal year.

“This alone won’t solve our housing crisis, but it’s an important first step and will make a real difference in the lives of low-income Nevadans who will have a safe and secure place to call home,” Sisolak said during his address.

The pilot program was proposed last year at the conclusion of the Nevada Legislature’s interim affordable housing committee. The committee requested a bill for this year’s legislative session that would copy the national Low Income Housing Tax Credit Program, the federal government’s most effective program to fund affordable rental housing.

Although text of the bill is not available, committee members recommended a state tax program that would give private investors a dollar-for-dollar reduction in state tax liability for helping to finance affordable rental housing. The housing would be subject to rent restrictions and tenant-income limits for 30 years.

As much as $10 million of tax credits could be allocated each fiscal year, and unused credits could roll over from year to year. The program would be administered by the Nevada Housing Division.

State Sen. Julia Ratti, D-Sparks, whose chairs the committee, said she was “elated” Sisolak is supporting the effort.

“There’s just such a significant need to make sure our seniors, people with disabilities (and) others who live on fixed incomes don’t get pushed out of their housing because of a strong economy,” Ratti said. “I’m gratified that the governor saw the need and chose to act.”

Nevada Housing Division Administrator Steve Aichroth said it is unclear how many units of housing the money could help build and preserve. However, an expert with the affordable housing nonprofit Nevada HAND made an estimate.

Mike Shohet, Nevada HAND’s executive vice president of real estate, said the state tax credit program should increase production of affordable housing by about 600 units a year. That’s on top of about 1,000 units a year the federal tax credits create.

“It’s a massive increase,” Shohet said.

Some 210,000 low-income households in Clark and Washoe counties need assistance obtaining affordable housing, according to the state’s 2017 Annual Housing Progress Report.

Shohet said the increased production from a state tax credit program would put a small dent in the state’s massive need for affordable housing, but the effort is a step in the right direction.

“How did the mouse eat the elephant? One bite at a time,” he said.

The need for affordable housing is being made more apparent as the Silver State’s economy prospers. Homes prices and rental rates are growing at a rate that outpaces most of the U.S., and during his address Sisolak noted that Nevada’s growth has been accompanied by the challenge of “making sure everyone who wants to live and work here can afford to do so.”

“There’s always going to be a segment of our population on a fixed income and unable to participate in that prosperity, and we need to make sure there are housing options for our lowest-income Nevadans,” Ratti said. “What we’re seeing now is people are becoming homeless solely because they are being priced out of the market.”

The committee of lawmakers have also sent letters to Nevada’s congressional delegation urging them to support the bipartisan Cantwell-Hatch Act, which would increase federal tax-credit allocations for affordable housing by 50 percent.

Contact Michael Scott Davidson at sdavidson@reviewjournal.com or 702-477-3861. Follow @davidsonlvrj on Twitter.

Editor’s Note: A previous version of this story misspelled the name of Nevada HAND’s executive vice president of real estate Mike Shohet.

Don't miss the big stories. Like us on Facebook.
Politics Videos
Clark County 2019 Election Results - Video
The 2019 Elections wrap up in Clark County including an upset in the Boulder City Mayor race.
Olivia Diaz talks about her win in Ward 3 - VIDEO
Las Vegas City Councilwoman-elect Olivia Diaz talks about her election win in Ward 3 and what lies ahead for her.
Greene discusses Read by 3 and Opportunity Scholarships - VIDEO
The Nevada Legislative Session is over and the results are mixed for Nevada students, according to Tom Greene, Senior regional legislative director, Excel in Ed in Action.
Bernie Sanders visits Las Vegas
Sen. Bernie Sanders made a stop at Roy W. Martin middle school on Thursday, during his campaign trail.
Kamala Harris campaigns in Las Vegas
Democratic Sen. Kamala Harris castigated President Donald Trump’s merit-based immigration plan, saying it was “short-sighted” and overlooked the cultural significance of family, during a campaign stop in Las Vegas. “We cannot allow people to start parsing and pointing fingers and creating hierarchies among immigrants,” Harris told Asian Pacific Islander leaders at a Chinatown restaurant, one of two appearances she made Thursday.
The Right Take New Education Funding Plan - VIDEO
On Monday, Senate Education Committee chair Mo Denis, D-Las Vegas, released a new education funding formula. For years, many Democrat politicians have criticized the current education funding formula, called the Nevada Plan. They claim it’s old and outdated. Their biggest beef is that it doesn’t allocate more money for students who are English Language Learners or live in poverty. The theory is that it’s harder to educate those students and so they need additional services, which costs additional money.
Kamala Harris campaigns in Nevada
California Senator Kamala Harris meets with One APIA Nevada, a nonprofit organization that advocates for policies empowering Asian Pacific Islander Nevadans. (Michael Quine/Las Vegas Review-Journal)
Ben Carson talks housing (Audio only)
Ben Carson discusses housing with the Review-Journal editorial board on Thursday. (Audio only)
Ben Carson visits the RJ (Full Audio Only)
Ben Carson discusses housing with the Review-Journal editorial board on Thursday. (Audio only)
Former Vice President Joe Biden campaigns in Nevada
After campaigning at the International Union of Painters and Allied Trades District Council 16 in Henderson, former Vice President Joe Biden spoke with the Review-Journal.
Student serenades Mayor Carolyn Goodman at swearing in
Students from the school she founded, The Meadows School, serenaded Las Vegas Mayor Carolyn Goodman during a swearing in ceremony for her third and final term. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Al Gore Speaks At UNLV About Climate Change - Video
Former Vice President of the United States Al Gore talks to an audience at UNLV about the effects of Climate change and how to switch to renewable sources of energy.
Forum on Wages and Working People Highlights - VIDEO
Presidential candidates Elizabeth Warren, Beto O'Rourke, Kamala Harris, Amy Klobuchar, Julian Castro, and John Hickenlooper speak in Las Vegas, Nevada.
Nevada Politics Today Valerie Weber - VIDEO
Valerie Weber sits down with Victor Joecks to discuss her policies and why she is running for Ward 2 of the Las Vegas City Council.
Cory Booker speaks at UNLV
US Senator Cory Booker speaks at UNLV during a Young Democrats meet and greet on Thursday, April 18, 2019. (Mat Luschek / Review-Journal)
May-Brown describes why some with disabilities need the subminimum wage - VIDEO
Eliminating the subminimum wage will end training and work opportunities for some members of the disabled community. Instead of doing something productive, they would be relegated to adult day care. That’s according to Tracy May-Brown, Opportunity Village’s director of advocacy, board and government relations.
Commission’s decision will delay Red Rock Canyon development
The Clark County Commission Wednesday rejected a developer’s request to approve a preliminary plan for 3,000 homes overlooking Red Rock Canyon before a federal agency grants permission for a roadway leading to the site.
Clark County commissioner calls on landlords to bring properties up to code
Clark County Commissioner Tick Segerblom has called on landlords in older parts of the valley to bring their properties up to code and keep them well-maintained or face the prospect of inspections, fines and citations. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Harry Reid speaks out against anti-Semitism
Unnerved by the rise in anti-Semitic hate speech and the general pervasiveness of bigotry, including in Nevada, former U.S. Sen. Harry Reid organized an educational forum at UNLV on Thursday as part of his call to unite people against it. (Shea Johnson/Las Vegas Review-Journal)
President Trump speaks to the Republican Jewish Coalition in Las Vegas
President Donald Trump spoke at the Republican Jewish Coalition’s National Leadership Meeting in Las Vegas and updated on Israeli relations. (Heidi Fang/Las Vegas Review-Journal)
Trump says border wall will have 'hundreds of miles' built by end of next year
President Donald Trump spoke at the Republican Jewish Coalition’s National Leadership Meeting in Las Vegas and discussed the progress of the border wall and the current relations there. (Heidi Fang/Las Vegas Review-Journal)
Protesters disrupt Trump's speech
Just as President Donald Trump started to make his opening remarks during his appearance at the Republican Jewish Coalition’s National Leadership Meeting, protesters disrupted his speech. (Heidi Fang/Las Vegas Review-Journal)
Roerink On The Problems With Taking Water From Eastern Nevada - Video
The Southern Nevada Water Authority wants to take billions of gallons of water that doesn’t exist from Eastern Nevada via a pipeline that would cost ratepayers $15 billion. Doing so would devastate the wildlife and people who live there. That’s according to Kyle Roerink, executive director of the Great Basin Water Network, which opposes the pipeline.
Las Vegas Election Night Wrap-Up
The Review-Journal's Politics and Government Editor, Steve Sebelius, wraps up election night. (Mat Luschek / Review-Journal)
Olivia Diaz Speaks To Ward 3 Supporters After Primary Election - Video
Olivia Diaz speaks to her supporters at a election party after results started coming in for the Ward 3 primaries.
Oscar Goodman Speaks On Behalf Of Mayor At Primary Win (edited)
Oscar Goodman spoke Tuesday night on behalf of his wife, Carolyn, who won the mayoral primary election. (Mat Luschek / Review-Journal)
Oscar Goodman Speaks On Behalf Of Mayor At Primary Win (Full)
Oscar Goodman spoke Tuesday night on behalf of his wife Carolyn, who won the mayoral primary election. (Mat Luschek / Review-Journal)
Gun Debate Shows Limits Of Government - Video
On Monday, the Assembly and Senate Judiciary Committees held a joint hearing on Assembly Bill 291. It would ban bump stocks and allow local governments to pass additional restrictions on firearms.
Lucy Flores speaks out about Biden incident
Former Nevada assemblywoman, Lucy Flores, expresses her feelings about an incident with former Vice President Joe Biden in 2014. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Harry Reid takes the stand in injury lawsuit
Former U.S. Sen. Harry Reid took the stand on Thursday in the product liability lawsuit brought against the makers of a resistance exercise band that Reid blames for blinding him in one eye.
Jurors hear opening statements in Reid personal injury trial
Opening statements were made on Tuesday in the product liability lawsuit brought by Harry Reid against against the makers of a resistance exercise band that Reid blames for blinding him in one eye.
Mayor Goodman delivers Meals on Wheels
Mayor Carolyn Goodman delivers Meals on Wheels to seniors on March 26, 2019.
Las Vegas City Council Ward 1 race
Candidates for Las Vegas City Council Ward 1. (Shea Johnson/Las Vegas Review-Journal)
Beto O’Rourke campaigns in Las Vegas
Democratic presidential candidate and former Texas congressman Beto O'Rourke addresses attendees during a campaign stop at Arandas Taqueria in Las Vegas on Sunday, March 24, 2019. (Chase Stevens/Las Vegas Review-Journal)
Beto O'Rourke House Party in Las Vegas
Democratic presidential candidate Beto O’Rourke delivered a message of unity inside a Las Vegas living room Saturday night, outlining a mission to bridge the divide in a polarized America and rally behind “big defining ambitions that we have in common.” (Shea Johnson/Las Vegas Review-Journal)
Presidential candidate Kirsten Gillibrand talks at Atomic Liquors
Democrat presidential candidate Kirsten Gillibrand talks to her supporters at Atomic Liquors.
Presidential candidate Gillibrand meets with UNLV Immigration Clinic student attorneys
Democratic presidential candidate Sen. Kirsten Gillibrand, D-N.Y., meets with UNLV Immigration Clinic student attorneys at her first stop in Nevada as a candidate Thursday, March 21, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sen. Catherine Cortez Masto promotes the Rebuild America’s Schools Act
U.S. Sen. Catherine Cortez Masto, D-Nev., co-sponsor of the Rebuild America’s Schools Act, speaks at Hoggard Elementary School in Las Vegas to promote the bill that would provide $100 billion for infrastructure improvements at schools across the country. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Scholar Max Eden on how restorative justice decreases student achievement - VIDEO
Across the country, restorative justice is lowering test scores and increasing the number of students who feel unsafe at schools. That’s according to Max Eden, a senior fellow with the Manhattan Institute, who recently released a study discipline reform.
THE LATEST