Nevada regulators approved roughly $38 million in new funding Monday for 10 housing projects expected to create 891 attainable homes and rental units across the state, from Henderson apartments to a manufactured-home project in Silver Springs. The money comes from the Nevada Attainable Housing Account, and it arrives as applicants statewide requested more than three times what was available.
The Nevada Attainable Housing Council approved $38.16 million spread across three development categories, according to KSNV. The council received 23 complete applications for the 2026 funding round, with developers requesting $119.79 million combined — about 3.1 times the amount initially available for the category, the station reports. Land acquisition projects received $12.29 million for two developments supporting 285 homes or units, multifamily rental development got $8.325 million for two projects totaling 174 rental units, and single-family and small-scale residential projects claimed $17.545 million across six projects supporting 432 homes or units for ownership or rental.
The account traces back to Assembly Bill 540, Governor Joe Lombardo's Nevada Housing Access and Attainability Act, which expanded eligibility for state housing support beyond the traditional federal focus on households earning below 60% or 80% of area median income. Under AB 540, middle-income families and essential workers earning up to 150% of area median income now qualify too, according to The Nevada Independent. The bill provided a $133 million General Fund appropriation, per KTVN.
Where the Money Is Going
Lombardo said the account would put significant resources behind solutions to move projects forward and expand homeownership and rental opportunities. “Nevada families need more opportunities to find a home they can afford,” he said, adding that the account “put significant resources behind solutions to move projects forward and expand homeownership and rental opportunities.” Of the $38 million investment, he said it was “supporting 891 homes and units while leveraging additional public and private investment.”
The approved projects include 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, Welcome Home Community Land Trust, Rome Commons, Linda Topaz, and the Silver Springs Manufactured Homes Project. Altogether the round includes 454 homes for sale and 437 multifamily rental apartments, spanning southern Nevada, northern Nevada, rural communities and Carson City. The projects will use subordinate loans, grants and rebates to serve households across a range of income levels.
A Deficit Three Times Bigger Than the Fund
Steve Aichroth, administrator of the Nevada Housing Division, said the 10 projects show how targeted state funding can “help move housing developments forward and deliver results in communities across Nevada.” He said the funding helps support nearly 900 units, “with projects designed to meet a range of housing needs.” “We’re focused on putting these resources to work where they can make a meaningful difference for Nevada families,” he said. The approved portfolio carries an average leverage ratio of 6.36, meaning roughly $6 in additional funding flowed in for every $1 the state deployed.
Still, the gap between requests and available dollars underscores a deeper structural problem. Nevada has the nation's most severe affordable housing shortage, with only 16 affordable and available rental units for every 100 extremely low-income households earning 30% or less of area median income, according to a March 2026 report by the National Low Income Housing Coalition cited by Las Vegas Weekly.
Who Actually Benefits From AB 540
The expanded eligibility includes middle-income families and essential workers earning up to 150% of AMI, extending the program beyond traditional federal thresholds.
AB 540 also created a separate Attainable Housing Infrastructure Account, backed by up to $50 million in state-issued bonds, to offset infrastructure costs and lower buyer assessments in Special Improvement Districts, according to the Nevada Housing Division.
The legislation gave the State Contractors' Board authority to issue provisional licenses to out-of-state contractors in rural areas facing acute labor shortages, per the Nevada Legislature's bill text.
Lombardo previously touted AB 540's early returns in March, cutting the ribbon on Paradise Trails' 29-home debut in southeast Las Vegas, the first subdivision to use AB 540 down-payment assistance for middle-income buyers. That project featured interest rate buy-downs and closing cost assistance for buyers. Monday's approval is the latest funding round, with the mismatch between the $119.79 million requested and the roughly $38 million available signaling that Nevada's housing gap remains far larger than any single funding cycle can close.
