Nevada Creates State Housing Tax Credit
Nevada Governor Steve Sisolak recently signed legislation that creates a transferable state housing tax credit with an annual cap of $10 million. If officials see strong demand for the credit, they can award up to $13 million in credits in a year, but the following year’s amount would be reduced by $3 million. The program expires Jan. 1, 2030.
The state has a shortage of more than 73,000 rental homes affordable and available to extremely low-income renters, according to the National Low Income Housing Coalition’s report entitled The Gap: A Shortage of Affordable Rental Homes.