Congressman Horsford Applauds First of Its Kind Targeted Fund to Address Housing Crisis in Nevada | Congressman Steven Horsford
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Congressman Horsford Applauds First of Its Kind Targeted Fund to Address Housing Crisis in Nevada

July 19, 2023

WASHINGTON - Today, Congressman Steven Horsford applauded the announcement by The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) of $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 country – is an important component of the Bank’s AHP and represents a significant commitment to addressing the state's critical shortage of affordable housing. The grants will be distributed to six qualified projects, two in Nevada’s 4th Congressional District, to create or revitalize over 260 units of affordable housing throughout Nevada. 

This year marks the inaugural year of the Nevada Targeted Fund, which was created through collaboration with U.S. Senator Catherine Cortez Masto (NV) to combat the critical affordable housing crisis throughout the state. According to the National Low Income Housing Coalition, Nevada tops the national list as the state with the highest percentage (21%) of extremely low-income households earning 0% to 30% of the Area Median Income who are severely cost-burdened, meaning the household spends more than 50% of its income on housing costs, including utilities.

“As our local economy continues to grow, we also face a shortage of affordable housing for our seniors, many who have lived in our region their entire lives. I applaud these grants that will create 102 new homes that will be affordable to our seniors in Nevada’s 4th Congressional District, both in Pioche and North Las Vegas. These modern, newly built homes will offer our seniors a community where they can feel safe and age in place with dignity,” said Congressman Horsford.

The 2023 AHP Nevada Targeted Fund grants will fund $1,570,00 for two projects in Nevada’s 4th Congressional District and create 102 new homes affordable to seniors:

  • New Construction of Pioche Apartments in Pioche, Nevada, in collaboration with member Wells Fargo National Bank West and Nevada Rural Housing Authority.

  • New Construction of Rome South 2 Senior Apartments in North Las Vegas, Nevada, in collaboration with member Bank of America California, NA, and Nevada H.A.N.D., Inc.

Congressman Horsford will continue working with stakeholders to understand better the opportunities to leverage multiple sources of local, state, federal and private resources to build affordable housingAHP grants contribute to developing, preserving, and rehabilitating single-family and multifamily housing that serves people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges, or overcoming substance abuse.

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Issues:Economy