The Nevada Housing Division announced that it has approved approximately $6.4 million in low-income housing tax credits (LIHTCs) in 2014 to 10 developments.
The developments will include a mix of affordable family, seniors, special-needs, and mixed-income housing in Elko, Las Vegas, Reno, Sparks, and Winnemucca.
The awarded tax credits will add 618 apartments to the state’s existing affordable housing inventory, bringing the total number of units funded by the Nevada Housing Division to 25,000 since the LIHTC program’s inception.
The Nevada Housing Division estimates that the awarded tax credits may result in approximately $64 million in equity. The estimated gross economic impact of the $64 million in equity financing and its construction expenditures translates to 778 jobs and more than $42 million in new labor income.