Nevada's affordable inventory increased in 2021

NHD Releases 2021 Annual Housing Progress Report

This year the nine jurisdictions required to participate in the Annual Housing Progress Report (AHPR) reported helping nearly 24,000 households with emergency housing assistance programs set up with funding from the various Coronavirus relief packages including the Emergency Rental Assistance programs. In addition, approximately 2,600 households were helped with the usual ongoing rental assistance programs. Because of the increased emergency rental assistance, the ratio of households assisted to households in need improved from last year's 20% to 25% this year.

Fourteen new projects with a record 1,497 rent restricted units were completed this year and seven renovation projects with 985 restricted units were completed. The term of restriction for the 985 preserved units will reset with at least 30 more years added to the affordability period.

Only 124 units converted to private market units, which resulted in a record net increase to the inventory of 1,373 units over the past year.

Of these 124 exiting units, 37 single family tax credit units in Mesquite exited when residents became homeowners as they exercised the homeownership option on the extended use agreements. This LIHTC project with homeownership option is the only one like it in the State.

The construction pipeline was within a couple hundred units of last year's record number with thirty-three projects  with 3,824 units funded or currently under construction. Most of the pipeline units are multi-family apartments. Of the 3,824 units, 2,908 were new construction and 916 were preservation projects. Nineteen of the pipeline projects were first included in AHPR this year. This year's production levels are again expected to be above average with considerable hope that net inventory will increase in 2022.

The Nevada Revised Statute 278.235 requires the Nevada Housing Division to post the 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.

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