State Infrastructure Bank adopts rules to support labor and environmental protections

State Infrastructure Bank adopts rules to support labor and environmental protections
Gov. Steve Sisolak donned a hardhat in August for a tour of Decatur Commons, a Nevada HAND affordable housing development under construction. (Photo: Michael Lyle)

CARSON CITY — The Board of Directors for the Nevada State Infrastructure Bank this week passed regulations that will allow the bank to finance infrastructure projects.

“These regulations will kickstart Nevada’s State Infrastructure Bank to create good-paying jobs while promoting environmental sustainability in all new infrastructure projects,” state Treasurer Zach Conine said.

The bank will use $75 million in bonds to make allowances supporting priority infrastructure projects. Those include $200 million for affordable housing projects and $15 million in charter schools in low-income areas.

The regulations were pre-approved by the Legislative Commission with bi-partisan support. 

Funded projects must use Nevada residents and disadvantaged workers during construction, as well as labor agreements ensuring fair wages, Conine added.

At least 40% of all projects must be in disadvantaged communities.

Financing applications will be available in May. 

SOURCE: Nevada State Treasurer