Nevada faces a pressing challenge in housing affordability, having one of the lowest number of available affordable rental units in the nation
LAS VEGAS, Oct. 31, 2023 (GLOBE NEWSWIRE) — In a significant effort to address and solve the pressing issue of housing affordability in Nevada, Congresswoman Susie Lee (NV-03) convened with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) for a roundtable discussion today in Las Vegas, Nevada. The roundtable – which brought together leaders in affordable housing, community organizations, financial institutions, and others across the state – is an important step in identifying the issues and providing resources to support residents facing unprecedented housing challenges.
“Time and time again, I hear from families in my district and across the valley that rents are too high, and affordable housing options are too few and far between,” said Congresswoman Lee. “We need solutions that tackle this crisis with the urgency that it demands, and I’m proud to have joined FHLBank of San Francisco and local advocates in identifying barriers to improving housing affordability in Nevada.”
“FHLBank San Francisco is intently focused on solving the affordable housing crisis in Nevada,” said Teresa Bryce Bazemore, president and chief executive officer. “In the last year, we have invested considerable attention and dollars within the state, creating the FHLBank System’s first state targeted fund, which has awarded $4.8 million directly to help fund the development of affordable housing projects in Nevada. And because we recognized the urgent need to establish the infrastructure required to facilitate an effective affordable housing environment, earlier this year we provided an additional $350,000 to our partner, the Nevada Housing Coalition. It is through commitments like these and through fostering dialogue at community roundtables that we will genuinely make a difference in the lives of those who are currently grappling with the challenge of finding an affordable place to call home in the communities we serve.”
The Nevada Housing Coalition’s mission is to create sustainable solutions through community awareness, capacity building, and advocacy to ensure housing options for all Nevadans.
“At the Nevada Housing Coalition, we understand that affordable housing is not just a cornerstone of strong communities, but a fundamental human right,” said Maurice Page, Executive Director of the Nevada Housing Coalition. “With our partnership with FHLBank San Francisco, we are tirelessly working to create sustainable solutions that will ensure all Nevadans have access to the housing options they deserve. Furthermore, the development of more affordable housing in Nevada is a critical component of addressing the state’s housing affordability crisis. It has far-reaching benefits that extend beyond just the individuals and families who gain access to affordable homes.”
In July, 2023, FHLBank San Francisco announced $4.8 million in affordable housing grants to Nevada-based groups through its newly established Affordable Housing Program (AHP) Nevada Targeted Fund. This Targeted Fund – a first of its kind in the FHLBank System – is an important component of the Bank’s AHP and represents a significant commitment to addressing the critical shortage of affordable housing in the state. The grants will be distributed to six qualified projects to create or revitalize over 260 units of affordable housing throughout Nevada. And to ensure that there would be a wider pool of applicants submitting competitive applications, in 2022 FHLBank San Francisco granted $500,000 to the Nevada Housing Coalition to build the coalition’s capacity, expand affordable housing development capabilities, and better position developers throughout the state to secure and deploy affordable housing dollars. The Bank’s board of directors recently approved an additional $350,000 grant for NHC to continue their capacity building and educational efforts this year and in 2024.
FHLBank San Francisco is also committed to expanding homeownership opportunity in Nevada. Since the inception of the Bank’s WISH first-time homebuyer grant program in 2000, $16.1 million in matching downpayment assistance grants have been disbursed to lower-income families and individuals in Nevada. In May of 2023, recognizing the need to support middle-income households in the Bank’s high-cost district, the Bank launched a voluntary $10 million pilot downpayment assistance program targeted to those earning from 80% up to 140% of area median income that has provided $1.39 million in grants of up to $50,000 to 33 middle-income earners.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
CONTACT: Contact: Mary Long, (415) 616-2556 longm@fhlbsf.com
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