NHD Releases 2020 Annual Housing Progress Report

The Nevada Revised Statute 278.235 requires the Nevada Housing Division to post the Annual Housing Progress Report (AHPR) on its website each February. The report covers certain jurisdictions in Clark and Washoe Counties: Clark and Washoe Counties, Boulder City, City of Henderson, City of Las Vegas, City of Mesquite, City of North Las Vegas, City of Reno and City of Sparks. These nine jurisdictions must report how they have used 12 measures  to increase affordable housing.

This year, the nine jurisdictions reported helping over 12,000 households with emergency housing assistance programs set up with funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Because of the emergency rental assistance, the ratio of households assisted to households in need improved from 13% to 20%.

In addition, and despite unusual working conditions and delays caused by the pandemic, six new projects with 528 restricted units were completed and six renovation projects with 780 restricted units were completed, marking considerable progress in preservation. Only 125 units converted to private market units, which resulted in a net increase in the affordable housing inventory of 403 units. Because of an inventory correction of an additional 213 units, total net increase in inventory this year was 616 units.

Perhaps in part because of Covid-19 related delays, the construction pipeline reached a new record with thirty-two multi-family projects  with 4,025 units funded or currently under construction. Most of the pipeline units are multi-family apartments. Of the 4,025 units, 2,772 were new construction and 1,253 were renovation projects. Of the 32 projects in the pipeline, 14 were first included in AHPR this year. Included in the list of pipeline projects were six projects with project based sliding scale rental assistance contracts, joining three other such projects that completed renovation this year. In addition, three formerly at-risk Bond properties finished renovation, resetting affordability periods for 30 more years, and four additional renovation projects on formerly at-risk projects were underway. This year's production levels are expected to be above average with considerable hope that inventory will again increase in 2021.

To see the full Annual Housing Progress Report go to the Nevada Housing Division Housing Database and scroll to the bottom of the page to the Annual Housing Progress Report.