CARSON CITY – Yesterday, on Homeless Awareness Day at the Nevada Legislature, Senate Democrats heard Senate Bill 448. SB448 creates a low income housing tax credit to incentivize development of additional affordable housing units. Speaking about the bill, Assistant Majority Leader Julia Ratti said the following:
“It is imperative that we work to make sure all Nevadans have a place to call home,” said Assistant Majority Leader Julia Ratti. “Our state has long been one of the worst in the nation in terms of the demand for affordable housing compared to what is available. We know that as Nevada continues to grow, the demand for affordable housing will also increase. Providing $10 million a year in state tax credits for the creation and preservation of affordable housing is a great step in the right direction. We must take action in order to begin the process of addressing this issue.”
BACKGROUND: SB448 will enable the development of up to 600 new affordable housing units per year in the State of Nevada. The affordable housing tax credit was one of the top recommendations to come out of the Committee to Study Issues Regarding Affordable Housing during the interim. SB448 was heard in Senate Revenue and Economic Development at 1:30 PM.