LAS VEGAS (KTNV) — Getting more people into affordable homes. That's the goal of a new multi-million-dollar push by the state of Nevada to lower the cost of housing and boost homeownership.
"The market right now has just been really crazy. It's really crazy and it's been hard," said Antionette Shelby. Buying a home for Shelby hasn't been an easy prospect.
After living with her sister for five years in North Las Vegas, she says her family's finances were in order and she was ready to bid on new homes. Unfortunately, cash offers were more attractive than her financing.
"We were ready to go and then someone came in with cash and it was snatched right from under us,” she said.
It's a tough housing market in Las Vegas. Data from the housing website Zillow.com shows the average home price in the Las Vegas valley is now more than $421,000, up about 32% from last year. That's higher than the national average of just over $337,000.
So, state leaders are rolling out a potential solution for those priced out.
"The possibilities of this initiative are endless. As long as we stand united. United in our goal to get every Nevadan into an affordable housing situation," said Gov. Steve Sisolak during an event officially launching the Home Means Nevada initiative on Thursday.
Through Home Means Nevada, $500 million will go towards building affordable housing units like senior housing complexes.
WHAT WILL BE FUNDED? | ‘Home Means Nevada’ breakdown: The state's $500 million push for more affordable housing
"People are moving into Nevada. Unfortunately, we don't have enough capacity right now. There's a shortage and we're doing everything we can to meet that need,” he said.
Governor Sisolak says this effort will take time.
"This is the beginning. This is such an enormous problem. We can't solve it in a day, or a week, or a year, but we're making huge inroads,” he said.
Inroads Shelby believes will help.
"I overall think it's a great idea and I think a lot of people in my situation need it,” she said.
She remains confident and believes patience is a virtue in her continued search.
"I believe we'll get the right home at the right time. And it's all going to work out."
State leaders also say this initiative will not only help with housing but also provide thousands of construction jobs.