Las Vegas Wins $28M in Affordable Housing Incentives; Relaxed Laws for Medical Marijuana Could Spur Space Demand
- Jun 18, 2014
By Alex Girda, Associate Editor
About $28 million in federal financing for affordable housing is headed to Las Vegas. Under the New Markets Tax Credits program, investors will get incentives to invest in development targeting residents at the lower end of the income scale. According to The Las Vegas Review-Journal, Senate Majority Leader Harry Reid was instrumental in securing the allocation for Las Vegas.
However, some new niches of the economy appear to need no incentives from the government to spur growth. A new state law authorizing dispensaries for medical marijuana is drawing considerable interest. According to the Bradenton Herald, Clark County had approved 18 dispensary licenses as of June 9 from a field of 79 applicants. Before the enactment of the law last year, patients wishing to legally use medical marijuana were required to grow it themselves.
More relaxed laws related to medical marijuana could also create a new niche real estate market. Clark County has recently approved 101 applications to operate production, cultivation and laboratory facilities, according to the Review-Journal. The applications await final approval from the state.