LAS VEGAS (KTNV) — Building affordable housing projects are about to become cheaper in Southern Nevada.
While the price of similar one-acre plots of land in Southern Nevada is $2 million, a new plan approved by the Departments of Housing and Urban Development and Interior will allow state and local governments to get them cheap for a good cause.
The Southern Nevada Public Land Management Act allows the government entities to buy an acre for just $100, if it is used for affordable housing projects.
Congresswoman Dina Titus talked more about this plan in a Thursday statement.
“Affordable housing is a critical and growing issue in Southern Nevada. There is currently a shortage of some 84,000 rental homes and a quarter of Nevadans spend over 50% of their income on housing. I’ve advocated for years for increased investment in affordable housing, and today’s announcement is a welcome step in that direction," said Rep. Titus.
Normally, the land sold by BLM has to be at market rate, to create adequate funding for education, water, and public lands projects in Nevada.
