Of the $70 million, a total of $20 million will be directed towards supporting housing projects and the other $50 million will be allocated for affordable rental housing. The dollars originate from the Welcome Home initiative that was created in 2022. At the time, Clark County estimated that Nevada had a shortage of more than 85,000 affordable homes. In September of 2022, $120 million was allocated to help build or renovate affordable housing units for seniors and low-income residents. There is an upcoming Welcome Home Project called the “Welcome Home Community Land Trust” that will provide homeownership opportunities for low to moderate income first-time homebuyers . It is expected that applications for homebuyers open in 2024 and 2025.