Council approves transferring 2025 private activity bond cap to Nevada Rural Housing Authority
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Summary
The council approved a resolution to transfer the city’s 2025 private activity bond volume cap to the Nevada Rural Housing Authority to support single‑family housing programs that have previously used such transfers to assist rural homebuyers.
The Mesquite City Council on July 22 approved Resolution R25‑24 to transfer the city's 2025 private activity bond volume cap to the Nevada Rural Housing Authority for use in single‑family housing programs.
Why it matters: Private activity bond cap transfers help state housing authorities leverage federal tax‑exempt private activity bond allocation for mortgage financing and can support local homebuyers by expanding affordable mortgage options.
What staff and the presenter said: Bill Brewer, executive director of Nevada Rural Housing (referred to in the meeting as Nevada Rural Housing Authority), outlined the agency’s 50‑year history and its single‑family home program. He said Nevada Rural Housing has used such cap transfers previously and reported that in the prior year the agency assisted 10 Mesquite homebuyers with about $3.2 million in mortgages.
Council action: Councilwoman Fielding moved to approve the resolution; the motion was seconded and passed on voice vote. The transfer is an annual item the council routinely considers.
Ending: The council approved the transfer; Nevada Rural Housing will use the allocation in its single‑family housing program as it has in prior years.