Congresswoman Lee Helps Deliver Investments for Las Vegas Affordable Housing Project

WASHINGTON – Congresswoman Susie Lee (NV-03) announced that the Federal Home Loan Bank (FHLBank) of San Francisco will deliver a targeted investment of $960,000 for a new Las Vegas housing project. The construction of Southern Pines Apartments, developed by Nevada HAND, will create a 240-unit affordable housing complex for low-income families. 

The project is part of FHLBank’s larger $5.1 million investment in five housing projects to create 273 affordable housing units across the state from the Nevada-specific fund Lee fought for and helped secure. Lee has previously partnered with the FHLBank San Francisco for a community forum about housing needs and the necessary steps to bring more affordable housing solutions to southern Nevada.

“I hear from families across southern Nevada that rents and home costs are too high,” said Congresswoman Lee.“To tackle this crisis, I’ve worked with FHLBank of San Francisco to secure new investments for more affordable housing in Las Vegas and across the state. I’m also working with Republicans and Democrats on legislation to cut governmental red tape that drives up housing costs and to crack down on price gouging by corporate investors.”

“The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,” said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. “As one of the nation’s least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We’re proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.”

The $5.1 million investment for Nevada will support:

• 48 new affordable housing units at Nevada HAND’s Southern Pines Apartments
• 10 new units at Truckee Meadows Housing Solutions’ Gen Den Intergenerational Housing, to create an intergenerational community
• 74 new affordable apartment units that prioritize accessibility and ADA compliance for very-low-income seniors at Foresight Housing Partners’ PuraVida Senior Living in North Las Vegas
• A new residential recovery facility for women and families for Walter Hoving Home, Inc.’s Las Vegas Expansion project
• A new critical housing for the blind and visually impaired at the Blind Center of Nevada’s Visions Park in Las Vegas 

Lee led the bipartisan and now-law Accelerating Appraisals and Conservation Efforts (AACE) Act to speed up appraisals and approvals for Nevada housing projects and cut governmental red tape that drives up housing costs. Lee is also a cosponsor of the Housing Oversight and Mitigating Exploitation (HOME) Act to help lower housing costs for Nevadans by cracking down on price gouging by corporate investors who are buying up housing stock and driving up home prices.

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