Clark County Launches TEAP for Small Businesses
Applications are now open for the Technical and Economic Assistance Program (TEAP), sponsored by the Clark County Office of Community and Economic Development in partnership with the National Development Council. The program provides eligible small business owners and nonprofits who were negatively impacted by the COVID pandemic with $5 million in grant funding and one-on-one technical assistance. Grantees will receive a financial award between $5,000 and $100,000, depending on business size, and will be assigned a technical advisor for up to one year.
Home Means Nevada Initiative Allocates $10 Million for Homebuyers
The Home Means Nevada Initiative has allocated $10 million to the Nevada Housing Division (NHD) and Nevada Rural Housing (NRH). The agencies are launching down payment assistance programs for eligible first-time homebuyers that will provide $15,000 in the form of a second mortgage with no payments or interest. The initiative will completely forgive the second mortgage after three years of residence in the home.
Housing Market Slowing, Value Remains Stead
According to housing statistics from the Las Vegas Realtors® (LVR), as of the end of November, 7,342 single-family homes were listed for sale without any sort of offer. That is up by nearly 162 percent over the same time last year. According to a study by real estate site TNRealEstate.com, Nevada is ranked in 10th place nationwide over the last year for homes that have gained the most value. Nevada homes saw an average increase of nearly 22 percent in the last year. The LVR reported that the median price of existing single-family homes sold in southern Nevada is down 2 percent from October but still up by 2.6 percent from the same time last year.
GOED Board Approves New Companies for Tax Abatements
The Governor’s Office of Economic Development board recently approved five companies for nearly $125 million in tax abatements. In return, the companies are required to create almost 500 jobs over the next two years with an average weighted hourly wage of $45.71. That figure is expected to grow to 990 jobs in the next five years. The companies are also expected to make capital investments of over $1.3 billion in the first two years of operation and generate over $256 million in net new tax revenues over the next 20 years.
