Nevada State Treasurer Zach Conine announced Thursday in a news release the State Infrastructure Bank is accepting applications for qualified infrastructure projects.
“The Infrastructure Bank presents a generational opportunity to invest hundreds of millions of dollars to build more affordable housing, increase educational outcomes for students, and build the state Nevadans deserve to live in,” Conine said in the release. “(Thursday’s) launch, is the result of over two years of hard work from the Treasury to build a financial vehicle that can leverage outside investment into Nevada.”
The Infrastructure Bank is designed to serve as a low-cost financing tool to assist local governments, tribal governments, and non-profit organizations with accessing capital for infrastructure projects.
Funded with an initial $75 million in state general obligation bonds, the Infrastructure Bank is ready to make loans in the following categories:
• Up to $40 million to support projects through an Infrastructure Matching Fund that will leverage hundreds of millions of dollars into Nevada from the Infrastructure Investment and Jobs Act;
• Up to $20 million to support affordable housing projects in partnership with the AFL-CIO Housing Investment Trust;
• Up to $15 million to support the development of charter schools in low-income communities.
In evaluating applications, the bank will also seek to leverage outside capital and federal funding to help finance projects that improve quality of life, strengthen Nevada’s climate resiliency, and help to promote a strong economy for communities.
The Infrastructure Bank is projected to create roughly 30,000 good-paying jobs over the next 10 years.
Those interested in applying to the Infrastructure Bank for financing for qualified projects may submit an application here.
