Signed by Governor Joseph Lombardo

Vote Smart's Synopsis:

Vote to pass a bill that amends various laws relating to affordable housing in Nevada.

Highlights:

• Establishes the Nevada Attainable Housing Account in the State General Fund (Sec. 9).

• Requires that the aforementioned funds be spent in a specified manner as administered by the Housing Division of the Nevada Department of Business and Industry (Sec. 9).

• Authorizes the Division to solicit contributions for deposit and requires that interest accrued be credited to the account (Sec. 9).

• Specifies that funds are to be carried forward through fiscal years (Sec. 9).

• Species that the Division may distribute funds from the account in consultation with the Nevada Attainable Housing Council for specified housing-related financial programs (Sec. 10). 

• Specifies certain funding restrictions for eligible private entities that enter into public-private partnerships (Sec. 10).

• Requires that the division prioritize projects which address the need for single-family homes affordable for families with a total monthly gross income less than 150% of the county median (Sec. 10).

• Authorizes the Division to prioritize projects involving purchases of land from the government, innovative strategies, and cost-effective resource allocation (Sec. 10).

• Requires that eligible entities receiving funding ensure housing units are being used in specified ways (Sec. 10).

• Requires that the administrator adopt a binding annual allocation plan (Sec. 11).

• Requires the aforementioned allocation plan to include certain provisions, be subject to no fewer than one public hearing, and be made available no fewer than 14 days before the hearing (Sec. 11).

• Requires that eligible entities receiving funding secure matching funds equal to or greater than the funds awarded (Sec. 12).

• Requires that the Division submit an annual report relating to the account to the Interim Finance Committee and specifies what the report is to include (Sec. 14.5).

• Establishes the Nevada Attainable Housing Council, specifies its structure, and specifies its responsibilities (Sec. 15-16).

• Requires that the Council’s membership reasonably represent the geographic diversity of the state (Sec. 15).

• Specifies 2-year terms for Council members (Sec. 15).

• Requires that the Division establish procedures relating to conflicts of interest among its membership (Sec. 16).

• Amends instances of the housing advocate to instead refer to the housing liaison (Sec. 17.3).

• Establishes an annual deadline of December 31 for the submission of a previously required report and specifies that the report shall include information collected by relevant surveys (Sec. 17.6).

• Amends analysis of special needs groups to specifically consider households spending 30% of their income on housing (Sec. 17.6). 

• Increases the required forecasting of subsidized units expected to convert to market-rate units from 2 to 3 years (Sec. 17.6).

• Authorizes the Division to make expenditures relating to the creation and maintenance of a statewide low-income housing database and to assist families with children whose income is at or below the federal poverty line (Sec. 18.5).

• Requires that the Divisional budget be structured as follows (Sec. 18.5):

• An amount no greater than 6% of the account shall be allocated towards administrative reimbursements;

• An amount no greater than 6% of the account shall be allocated towards database creation and maintenance;

• An amount no greater than $75 thousand shall be allocated towards the supplementation of monthly rent for manufactured home lots; and

• The remaining amount shall be allocated to organizations for the acquisition, construction, and rehabilitation of affordable housing.

• Requires that no less than 15% of units acquired, constructed, or rehabilitated are to be affordable to individuals with monthly gross household income below 30% of county median (Sec. 18.5).

• Authorizes the Division to establish and regulate a program for the reporting of rental payments to a credit reporting agency (Sec. 19-20).

• Prohibits the mandatory participation of landlords or tenants in the aforementioned program (Sec. 19-20).

• Exempts the Administrator from certain provisions in their adoption of the annual allocation plan (Sec. 22).

• Requires that the Board of County Commissioners evaluate the capacity and commitment of a developer to provide long-term benefits that are transparent and do not interfere with equitable competition before selling or leasing property for housing-related purposes (Sec. 23-26).

• Requires that developers submit specified information to assist in the completion of the aforementioned evaluation (Sec. 23).

• Specifies what information is to be included by nonprofit organizations in an application for conveyance (Sec. 24-25).

• Establishes an additional preference for conveyance applications seeking to develop attainable housing for seniors (Sec. 24-25).

• Defines and amends the tiers of affordable housing (Sec. 29-37).

• Requires that counties and cities enact ordinances containing expedited approval processes, prioritization, and incentives for attainable housing projects (Sec. 30). 

• Requires that reviewing agencies adopt processes for the expedited review of such projects and specifies the steps which an agency must take in the event of noncompliance (Sec. 31).

• Defines reviewing agencies as including specific state and local entities (Sec. 31).

• Specifies that the costs of housing for a household may be offset by the cost savings to the household of energy efficiency measures (sec. 34-36).

• Authorizes the Board to issue contractor’s licenses to applicants meeting specified criteria and having submitted specified application materials (Sec. 39).

• Requires that the Board approve or deny license applications within 60 days (Sec. 39-40).

• Prohibits the Board from charging certain fees related to the issuance of licenses (Sec. 39-46).

• Requires that license holders only perform work relating to attainable housing projects in rural areas of the state and prohibits unlicensed work (Sec. 39-40).

• Authorizes license holders to submit bids and enter into contractual agreements to perform work (Sec. 39-40). 

• Specifies that issued licenses shall expire upon December 31, 2029 (Sec. 39-40).

• Authorizes the Director to issue a declaration of labor shortage (Sec. 40).

• Requires that the Board issue provisional licenses to applicants meeting specified criteria upon such a declaration (Sec. 40).

• Requires that funds exceeding $133 million at the end of each fiscal year be transferred to the State General Fund (Sec. 47).

• Requires that the State Contractors’ Board take actions to implement the aforementioned provisions before January 1, 2026 (Sec. 48-49). 

• Requires that the Board submit a report containing specified information on or before December 31, 2028 (Sec. 48-49).

• Requires cities and counties to submit a report containing specified information on or before July 15, 2025 (Sec. 49.5).

• Requires that the State Board of Finance issue general obligation bonds of an amount not to exceed $50 million in the 2025-2027 biennium and specifies that the proceeds shall be deposited in the Nevada Attainable Housing Infrastructure Account for use in specified projects (Sec. 49.7).

• Establishes the Nevada Attainable Housing Infrastructure Account in the State General Fund (Sec. 49.7).

• Requires that the aforementioned funds be spent in a specified manner as administered by the Housing Division of the Nevada Department of Business and Industry (Sec. 49.7).

• Authorizes the Division to collect funds and requires that interest accrued be credited to the account (Sec. 49.7).

• Specifies that funds are to be carried forward through fiscal years (Sec. 49.7).

• Requires that the Administrator adopt an annual allocation plan if the fund exceeds $1 million (Sec. 49.7).

• Specifies that such allocation plans must prioritize specified projects relating to long-term affordability that meet certain thresholds tied to income (Sec. 49.7).

• Requires the aforementioned allocation plan to include certain provisions, be subject to no newer than one public hearing, and be made available no fewer than 14 days before the hearing (Sec. 49.7).

• Specifies how loans may be issued from the account and requires that projects receiving loans meet certain thresholds tied to income (Sec. 49.7).

• Appropriates $133 million from the State General Fund to the Nevada Attainable Housing Account (Sec. 50).

• Requires that the Division’s initial allocation include the following allocations (Sec. 50.5):

• $83 million for purposes primarily related to competitive loans, grants, and rebates;

• $25 million for purposes primarily related to essential workers; and

• $25 million for purposes primarily related to local housing supply.

• Requires that various entities make appropriate language changes under the aforementioned provisions (Sec. 50.6-50.8).

• Specifies that certain provisions of this Act shall take effect immediately upon passage and others on specified dates (Sec. 53).

• Specifies that certain provisions of this Act shall expire upon December 31, 2029 (Sec. 53).

Full Bill Text