State Infrastructure Bank ready to fund projects

State Infrastructure Bank ready to fund projects
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 — After months of work to establish Nevada’s State Infrastructure Bank, the bank is now ready to begin taking applications for funding. Up to $75 million is available for infrastructure projects to support charter schools, affordable housing and other projects.

“The Infrastructure Bank presents a generational opportunity to invest hundreds of millions of dollars to build more affordable housing, increase educational outcomes for students, and build the state Nevadans deserve to live in,” Nevada Treasurer Zach Conine said.

The state seeded the Infrastructure Bank with $75 million in general obligation bonds, bringing outside funding into Nevada for the projects. Local and tribal governments and nonprofits are able to borrow capital from the bank at a lower cost than other borrowing options.

Funding available through the bank includes:

  • Up to $40 million to support projects through an Infrastructure Matching Fund that will leverage hundreds of millions of dollars into Nevada from the Infrastructure Investment and Jobs Act; 
  • Up to $20 million to support affordable housing projects in partnership with the AFL-CIO Housing Investment Trust; and  
  • Up to $15 million to support the development of charter schools in low-income communities. 

More information and the application are available here.

Source: Nevada Treasurer’s Office