This funding, almost twice as much as Nevada received last year, is the result of Cortez Masto’s successful efforts to push the Federal Home Loan Bank of San Francisco to deliver more support to Nevada
Washington, D.C. – U.S. Senator Cortez Masto (D-Nev.) announced that the Federal Home Loan Bank (FHLBank) of San Francisco will deliver $9.4 million from the Nevada-specific fund she helped create to support nine affordable housing developments across the state. Cortez Masto has repeatedly called for the FHLBanks to provide Nevada its fair share of investments. Last year, she succeeded in pushing the FHLBank of San Francisco to create a targeted fund to build more middle-class homes in Nevada.
“For the past six years, I’ve been fighting to lower housing costs and help build more homes for hardworking Nevadans—including for our Tribal and rural communities. This funding is just part of my commitment to working with the Federal Home Loan Bank system to deliver for the Silver State. While there is more work to do, I know these resources I secured will help families, seniors, and Native American families statewide,” said Senator Cortez Masto.
Today’s $9.4 million Affordable Housing Program targeted fund for Nevada will support:
- 192 new affordable homes for seniors on Yale Street in North Las Vegas
- 22 new homes and a new community center for working families on Fallon Paiute Shoshone Indian Colony Tribal land in Fallon
- 85 renovated apartments for Fallon seniors
- 20 new homes and a park for members of the Pyramid Lake Paiute Tribe Tribal land in Wadsworth
- 24 affordable homes for families in Pershing County
- 93 homes for middle-class families renovated by Northern Family Housing in Fallon
- Transitional housing to support women recovering from drug or alcohol addiction at the Empowerment Center II in Reno
- 50 new apartments at Tropicana Trails to help homeless Las Vegas residents get back on their feet
- 36 new homes for low-income seniors at Laughlin Senior Apartments in Laughlin
Senator Cortez Masto has been a leader in the fight to lower housing costs and keep Nevadans in their homes – especially through her work with the Federal Home Loan Bank system. Last year, Cortez Masto secured $4.8 million from the Federal Home Loan Bank of San Francisco’s targeted fund to support Nevada affordable housing organizations, and she’s pushing to reform the FHLB system. She is also leading legislation to significantly increase the amount of federal funds available for the HOME Investment Partnership Program to build more affordable housing across the country.
###