Clark County Commissioner Tick Segerblom asks a question during a meeting at the Clark County Government Center Tuesday, April 19, 2022. The commission on Tuesday, May 7, 2024, unanimously approved $66 million in funding to nine organizations to construct and rehabilitate low-income housing in Southern Nevada.
Wednesday, May 8, 2024 | 2 a.m.
The Clark County Commission on Tuesday unanimously approved $66 million in funding to nine organizations to construct and rehabilitate low-income housing across the region.
“This funding demonstrates the county’s commitment to address the critical need for affordable housing in our region, including continuing our commitment to ensure that some of our most vulnerable residents are not left behind,” Clark County Commissioner Chairman Tick Segerblom said in a news release.
As of 2024, the county is short over 90,000 units of available and affordable housing for those who make half of or below the area’s median income, said Dagny Stapleton, Clark County Community Housing administrator, speaking at Tuesday’s commission meeting.
The funds are from the county’s “Welcome Home Program,” which was established in 2022 “to address the urgent need for housing low-income residents in Southern Nevada.” The nine groups approved Tuesday will combine to erect roughly 1,273 multifamily rental housing units, the county said.
The nine applicants for this funding are McCormack Baron Salazar Inc. / Southern Nevada Regional Housing Authority, McCormack Baron Salazar Inc., Coordinated Living of Southern Nevada Inc., NRP Lone Star Development, Silver State Housing, Brinshore Development LLC / Southern Nevada Regional Housing Authority and Oikos Development Corporation.
Each project already has access to other public funding options, such as low-income housing tax credits, Stapleton said. But due to a rise in building costs, a majority of the projects “could not move forward without the investment,” so the money will be used to bridge any financial gaps.
“Over the past few years, we have seen the funding gaps for these types of projects get bigger,” Stapleton said Tuesday. “Costs of construction are very high, some would say inflated, and have not significantly decreased since COVID, and so the need for funding remains large.”
Most of the units would be for extremely low-income to low-income families — those who make only 30% to 60% of the area median income, Stapleton explained. While the majority will cater to those making 60% of the area median income, five of the nine projects have 10% to 20% of their units serving people only making about 30% of the area’s median income.
Someone who makes 30% of Clark County’s area median income would bring in anywhere from $20,000 to $28,000 a year, and would pay $500 to $742 a month in one of these affordable housing units. A resident making 60% of the area median income would earn between $40,000 and $57,000 a year, with their rent set at $1,000 to $1,485 a month, according to data from Clark County.
The average monthly rent would depend on household size. None of the nine projects can charge monthly rents more than those prices set by the county, Stapleton noted. Clark County’s average rent is currently over $1,500, she added.
Clark County in recent years has invested just over $200 million in affordable housing developments to build and rehabilitate almost 5,000 units in Southern Nevada, according to county officials. In March, the county provided $30 million to four permanent supportive housing developments with units for extremely low-income residents, such as those coming out of homelessness and youths aging out of foster care.
“I think this is another great day in Clark County with our board’s approval of this,” Commissioner William McCurdy said prior to Tuesday’s vote. “I think that we’re demonstrating that not only are we talking the talk, but we’re walking the walk.”
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