Board of finance approves bond funding for infrastructure, affordable housing

Board of finance approves bond funding for infrastructure, affordable housing
Gov. Steve Sisolak and Nevada Treasurer Zach Conine speak at the Nevada Recovers Listening Tour. “Our families need help with child care, with jobs and with housing,” Sisolak said. (Photo: Michael Lyle)

CARSON CITY — Nevada’s State Board of Finance this week approved the issuance of $75 million in general obligation bonds through the State Infrastructure Bank. An additional $150 million in tax-exempt revenue bonds were approved during the same meeting.

The seed money to fund the Infrastructure Bank was approved by the Nevada Legislature during the 2021 session.

The approved bond funding will support priority infrastructure projects, affordable housing and charter school development in low-income communities.

“Nevada continues to make historic investments in infrastructure and housing, and I’m so glad that the priority infrastructure projects will begin moving quickly through our State Infrastructure Bank,” Gov. Steve Sisolak said. “These investments mean jobs for Nevadans and these projects will go a long way toward improving the quality of life for our residents. We know that Nevadans have no time to wait and I’m eager to continue this work.” 

A portion of the projects financed through the state’s Infrastructure Bank will use $35 million in social bonds, which are issued when 100% of the proceeds are used to fund projects with positive social impact.

Projects funded through the Infrastructure Bank must also prioritize hiring local residents, expanding the use of apprenticeship programs, align with the state’s 2020 State Climate Strategy, and use responsible contracting policies.

The $150 million in additional bond funding will support 609 affordable multi-family housing units and down payment assistance for first-time homebuyers.

Source: Nevada Governor’s office