CARSON CITY, Nev. (AP) — Gov. Steve Sisolak says more than 13,000 Nevada households would benefit from the $500 million housing initiative he proposed last week through a combination of direct investments and leveraging of other forms of debt financing programs.

Sisolak said the initiative he dubbed “Home Means Nevada” would utilize federal COVID-19 relief money to establish four categories of funds within the Nevada Housing Division.

The Democrat running for re-election said it would be the single biggest housing investment in state history. He said it will help lower costs, boost availability and assist seniors in making repairs to stay in their existing homes.

The spending must be approved by the Legislature’s Interim Finance Committee.

The single largest fund would be $300 million for “multi-family development.” It could produce up to 1,000 housing units for families and seniors earning less than 60% of the area median income. It also could be used to leverage other debt funding for development of up to 1,700 additional units, Sisolak said.

A $130 million multi-preservation fund with similar income guidelines would allow for rehabilitation and preservation of more than 3,000 units and leverage debt funding for nearly 4,000 more.

The package also calls for $40 million for land acquisition.

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