Access to land for building affordable housing is a major challenge for Nevada Hand, the largest nonprofit affordable housing developer in the state. Despite this obstacle, Waldon Swenson, the vice president for corporate affairs, highlighted that serving a rapidly growing city like Las Vegas presents an even greater challenge.
The housing crisis in Las Vegas has intensified due to various factors, including the federal government’s control of 88 percent of the land in Clark County. Real estate stakeholders have urged the Bureau of Land Management to release land more efficiently to address the shortage of affordable housing.
Swenson emphasized that while access to land is a hurdle, Nevada Hand remains committed to its mission. The demand for affordable, safe homes in Southern Nevada continues to outpace new construction, with thousands of people moving to the region each month.
As a result, home prices have soared by almost 50 percent over the past five years, making it increasingly difficult for residents to afford housing. A recent study revealed that a yearly income of at least $111,557 is necessary to afford a monthly mortgage payment in Nevada.
Affordable housing has emerged as a key issue in the upcoming presidential election, reflecting the concerns of Nevadans. The National Low Income Housing Coalition reported a shortage of approximately 78,218 rental households for extremely low-income individuals in the state, a number that has grown since the onset of the Covid pandemic.
While Nevada Hand has a record number of units under construction, Swenson acknowledged that more efforts are needed to address the crisis. He emphasized the importance of increasing land availability for housing development to lower housing costs.
In addition to land constraints, Swenson highlighted the persistent stigma associated with public housing projects. The “not in my backyard” mentality, where residents oppose affordable housing developments in their neighborhoods, remains a significant challenge. Swenson dispelled misconceptions by citing studies showing that affordable housing does not increase crime or decrease property values.
Federal financing through the Low Income Housing Tax Credit plays a crucial role in driving affordable housing projects. Swenson warned that any reduction or halt in this funding could exacerbate the housing crisis significantly.
Looking ahead, a study by the Nevada Governor’s Office of Economic Development projected a severe land shortage by 2030 that could hinder economic growth. Commercial property and development attorney David Edelblute underscored the pressing need to expedite the process of nominating federal land for auction and development to address the valley’s land crunch.
With Clark County experiencing rapid population growth, time is of the essence to utilize available land for residential and commercial purposes. Edelblute emphasized the importance of streamlining the process to release federal land for development promptly.
In conclusion, addressing the affordable housing shortage in Las Vegas Valley requires a multifaceted approach, involving increased land availability, public education on affordable housing, and sustained federal financing support. By tackling these challenges collectively, stakeholders can work towards creating a more equitable and affordable housing market for all residents in the region.