LAS VEGAS (KTNV) — Gov. Joe Lombardo on Tuesday told reporters his housing bill could leverage $250 million in state funds to build more than $1 billion worth of housing projects in Nevada.
Lombardo spoke outside the Ovation Property Management project Heirloom at Pebble, near Eastern Avenue and the 215 Beltway, a senior complex with rents ranging from $893 to $1,285. It's expected to open in May.
He introduced Assembly Bill 540, one of five bills that the governor traditionally gets to introduce in each session of the Legislature.
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The lengthy bill would:
- Create the Nevada Attainable Housing Account and fund it with $200 million for loans, grants or rebates to build attainable housing, which is being defined in the bill to include all levels of affordable housing. (An addition $50 million will come from the Nevada Housing Division, for a grand total of $250 million.)
- Require developers, in general, to put up matching funds in an amount equal to state money for projects.
- Exempt attainable housing projects from existing prevailing wage laws.
- Provide funds for rental assistance and eviction diversion programs.
- Require local governments to adopt an expedited process for considering and approving attainable housing projects.
- Authorize local governments to reimburse building permits and fees for attainable housing projects.
- Issue provisional contractor's licenses in rural areas where there is a shortage of skilled labor that's preventing the building of attainable housing.
Watch Gov. Lombardo's full remarks here
Lombardo said he consulted with developers and the Southern Nevada Homebuilders Association, among other groups, when he was putting the bill together.
"If you look at polling data across the board, no matter what subject matter it is, affordable housing comes to the top, rises to the top," Lombardo said. "And do we want to do that in a myopic view, or do we want to open it up and get everybody's opinion, especially the subject-matter experts?"
He added: "This isn't an idea that just came from myself, it came from everybody in the community that knows the business. And it's important for that to occur in order to ensure that we have success with the ideas."
And while it's not in his bill, the governor has also been pushing to get the federal government to release more Bureau of Land Management-owned property for development. Most recently, he sent a letter to Interior Secretary Doug Burgum, encouraging him to add a Nevada representative to a newly formed Joint Task Force on Federal Land for Housing.
The bill comes as lawmakers struggle with the shortage of housing in Las Vegas. They've introduced a series of bills, all of which are aimed at helping would-be homebuyers and tenants in rental properties.
WATCH | What you need to know about these Nevada bills that aim to address the housing crisis:
Meanwhile, Assembly Democrats have criticized Lombardo for vetoing housing bills in the 2023 session that they say would have eased the housing crisis.
They note an increase in evictions — to 47,000 in the past year — and the new median home price of $485,000, which is out of reach for many families.
"Under Joe Lombardo, Nevada has the highest unemployment rate in the nation and its ongoing housing crisis is leading to skyrocketing eviction rates and homlessness," said Tai Sims, spokesman for the Nevada State Democratic Party. "Despite this, Joe Lombardo still refuses to offer a plan that holds large corporate investors accountable and limits their ability to buy up housing stock and artificially increase costs, leaving everyday Nevadans with little to no affordable options."
Asked about a recent story in the Las Vegas Review-Journal that reported New York hedge fund Pretium Partners is the largest homeowner in Clark County, with at least 3,190 homes, Lombardo said the issue would be addressed separately from his housing bill. Democrats have bills that would affect corporate ownership, bills that Lombardo said would be negotiated before the end of the 2025 session in June.
Assembly Speaker Steve Yeager, D-Clark County, said in a statement he looked forward to a Wednesday hearing before the Assembly Commerce and Labor Committee, where AB 540 would be heard.
"Housing is one of the most critically important issues to Nevadans right now," Yeager said in a statement. "I look forward to learning more about the long-awaited governor's housing proposal tomorrow evening and continue to collaborate on all things housing with both the [state] Senate Majority Leader [Sen. Nicole Cannizzaro, D-Clark County] and the governor, including working to ensure that those who are currently housed aren't abruptly and unfairly evicted."
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