Clark County Allocates $66 Million to Tackle Affordable Housing Crisis

In a significant move towards addressing the pressing issue of affordable housing, the Clark County Commission has unanimously approved $66 million in funding allocated to nine organizations. This funding aims to facilitate the construction and rehabilitation of low-income housing units across the region, marking a crucial step in mitigating the housing crisis.

Clark County Commissioner Chairman Tick Segerblom emphasized the county’s dedication to tackling the critical need for affordable housing. He stated, “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.”

The pressing need for affordable housing is starkly evident, with Dagny Stapleton, the Clark County Community Housing administrator, highlighting that as of 2024, the county faces a shortage of over 90,000 units for those earning half or below the area’s median income. Stapleton stressed this during Tuesday’s commission meeting, underscoring the urgency of the situation.

The funding, sourced from the county’s “Welcome Home Program,” established in 2022, aims to specifically address the urgent need for housing low-income residents in Southern Nevada. The nine organizations approved for funding are set to collaborate to erect approximately 1,273 multifamily rental housing units, according to county officials.

Among the recipients of this funding are McCormack Baron Salazar Inc. / Southern Nevada Regional Housing Authority, Coordinated Living of Southern Nevada Inc., and Silver State Housing, among others. Stapleton noted that while these projects have access to other public funding options, the rise in construction costs necessitated additional investment to bridge financial gaps and ensure project viability.

Stapleton highlighted the persistent challenges posed by escalating construction costs, stating, “Over the past few years, we have seen the funding gaps for these types of projects get bigger.” Despite fluctuations in the economy, construction costs have remained high, underlining the continued need for substantial funding support.

The majority of the housing units will cater to extremely low-income to low-income families, with rental prices set to accommodate those making 30% to 60% of the area’s median income. Notably, some projects allocate a portion of units to individuals earning as low as 30% of the area’s median income, reflecting a commitment to inclusivity and accessibility.

Providing a snapshot of affordability, Stapleton outlined the projected rents based on income levels. For instance, residents earning 30% of Clark County’s area median income would pay between $500 to $742 a month, while those earning 60% of the area median income would pay $1,000 to $1,485 a month.

Importantly, the average monthly rent will be determined based on household size, with none of the projects permitted to exceed the rental prices set by the county. This initiative is particularly significant in light of Clark County’s average rent, which currently exceeds $1,500.

This recent allocation of $66 million adds to Clark County’s ongoing efforts to address affordable housing. Over the years, the county has invested just over $200 million in affordable housing developments, resulting in the construction and rehabilitation of almost 5,000 units in Southern Nevada. Earlier in March, the county allocated $30 million towards four permanent supportive housing developments, catering to extremely low-income residents, including those transitioning out of homelessness and foster care.

The approval of this funding underscores Clark County’s proactive approach toward tackling the affordable housing crisis, signaling a commitment to fostering inclusive communities and ensuring housing stability for all residents.