By Marty Bachman
With little discussion, the Ely City Council voted 4-0 to approve the transfer of the city’s 2016 Private Activity Bond Volume Cap to the Nevada Rural Housing Authority at their May 26 meeting. The amount totals more than $211,000 and will be used to help finance down payments for first time homeowners and provide mortgage tax breaks of between $15,000 and $20,000 over a 10 year period. Unused funds will be returned to the state.
D. Gary Longaker, the executive director of Nevada Rural Housing Authority (NRHA), said that most cities never use the funds and thought this was a great partnership between the city and NRHA. The funs will be combined with funds from other cities and Longaker said that the authority has helped 50 families in the Ely area purchase homes since 2006, and more than 60 White Pine County residents,, generating $7 million in economic activity.
According to the Nevada Rural Housing Authority’s website, (http://nvrural.org/) NRHA was created in 1973 because local governments wanted a regional housing authority and many rural Nevada governments were seeking help with affordable housing for their low-income elderly as early as 1971.“NRHA has a long, successful history of working closely and collaboratively with cities and counties across our state,” the website states. “From housing studies and needs assessments to building senior centers and multi-family housing, there is no limit to what we can do together.”