$500M affordable housing plan to be launched by Sisolak

An aerial view of housing developments east of Boulder Highway on Warm Springs Road on Thursday ...

With home prices accelerating in Las Vegas at one of the fastest rates in the nation, Gov. Steve Sisolak will formally launch a plan to boost affordable housing in Nevada.

Sisolak, joined by federal, state and local officials, is expected Thursday morning to kick off a $500 million program he first unveiled in February during his State of the State address at Allegiant Stadium.

The initiative, Home Means Nevada, marks the “largest single investment in affordable housing” in state history, according to the governor’s office.

Nevada lawmakers recently approved $250 million in federal funds that the state plans to spend on the program, his office said.

Southern Nevada renters have faced a much faster increase in home prices than tenants saw around the country over the past two years, a recent report shows, squeezing affordability in a state with a big shortage of low-income housing.

The typical rental rate in the Las Vegas area in February was $1,805 per month, up 32.9 percent from February 2020, according to listing site Zillow. That was the fourth-largest rental increase among the 50 metro areas tracked for the report.

Nationally, rents were up 17.6 percent over the past two years, Zillow said.

The findings underscore Southern Nevada’s ongoing housing boom, one marked by fierce demand, tight supply and rapid price increases for buyers and renters alike.

The frenzy has made it more difficult, more expensive and, some say, increasingly unaffordable to land a place to live in the Las Vegas Valley.

With the bulk of its population in the Las Vegas Valley, Nevada has an estimated shortage of 84,320 affordable and available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.

This is a developing story. Check back for updates.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.