Nevada's new state housing fund is getting money out the door, and builders across the state lined up for it.
The Nevada Attainable Housing Council has approved about $38 million from the Nevada Attainable Housing Account for 10 housing projects statewide, the governor's office announced Oct. 12. Together, the projects are expected to deliver 891 homes and apartments: 454 homes for sale and 437 multifamily rentals.
"Nevada families need more opportunities to find a home they can afford, and we're taking action to make that happen," Gov. Joe Lombardo said. "This $38 million investment builds on that work, supporting 891 homes and units while leveraging additional public and private investment to stretch taxpayer dollars further."
Where the money is going
The approved awards total $38.16 million across three categories:
- Land acquisition: $12.29 million for two projects, supporting 285 homes or units.
- Multifamily rental development: $8.325 million for two projects, supporting 174 rental units.
- Single-family and small-scale residential development: $17.545 million for six projects, supporting 432 homes or units for sale or rent.
The projects named in the release are:
- Volunteer Apartments in Henderson.
- The Reserve at Sparks.
- Golden Valley Homeownership in Reno.
- Kyle Canyon Townhomes in Las Vegas.
- Pueblo Phase I in West Wendover.
- E William Street Multifamily Adaptive Reuse in Carson City.
- The Welcome Home Community Land Trust.
- Rome Commons.
- Linda Topaz.
- The Silver Springs Manufactured Homes Project.
The state didn't break out dollar amounts or unit counts for individual projects, and none of the announcements named builders or general contractors.
The awards come as a mix of subordinate loans, grants and rebates. State officials say the projects will serve households across a range of incomes.
Demand far beyond supply
This round shows how hungry Nevada developers are for help closing financing gaps. The state received 23 complete applications asking for a combined $119.79 million, about 3.1 times what was initially available. The council scored projects on readiness, geographic spread and how well they could attract other money.
On average, every dollar of state money in these projects is matched by about $6.36 from other public and private sources, according to the release.
"These 10 projects demonstrate how targeted state funding can help move housing developments forward and deliver results in communities across Nevada," said Steve Aichroth, administrator of the Nevada Housing Division. "We're focused on putting these resources to work where they can make a meaningful difference for Nevada families."
The account was created by AB 540, the Nevada Housing Access and Attainability Act, which Lombardo backed during the 2025 legislative session. It came with a $133 million General Fund appropriation for housing development, homeownership help and partnerships with local governments. The law also opened eligibility to essential workers earning up to 150% of area median income, people who often earn too much for traditional affordable housing programs but still can't afford to buy.
This isn't the first round. In February, the state announced more than $64 million in awards through the program, expected to support 358 for-sale homes and 1,208 rental units, plus down payment help and local matching funds. The governor's office describes the newest round as part of about $100 million the administration has distributed for attainable housing.
Some of that earlier money is already turning into construction. Earlier this month, Ryder Homes broke ground on Wilson Landing in Fernley, 37 for-sale homes backed by a $5 million low-interest state loan that will be repaid and recycled into future projects, according to the governor's office.
Why it matters for Contractors
State gap money is often what turns a stalled housing plan into a job that goes out to bid. With 891 homes and apartments in this round and more than 1,500 from the February round, the attainable housing account is building a pipeline across Southern Nevada, Northern Nevada, the rural counties and Carson City. Single-family and small-scale projects got the largest share, which is good news for local home builders and the framing, concrete, roofing, plumbing, electrical, HVAC and finish crews they rely on. The Carson City adaptive reuse project and the two land acquisitions will mean renovation and site work. Contractors should watch these named projects for bid packages over the next year.