tv Nevada Newsmakers NBC February 1, 2016 12:00pm-12:30pm PST
abney are on our pundit panel. and back on "nevada newsmakers" we're delighted to welcome to the program for the first time cj manthe. she's the division administrator of the nevada housing. it's great to be here. thank you. a lot of people watching this program okay, what is an administrator of the nevada housing division. it's the best job in state government. what we do simply put is mayking nevada a better place to live and work.
housing options. >> and obviously that's a big deal. we're looking at tremendous growth. i think there's some developers who're sitting back no this is just publicity. but the people i'm talking the tesla is the future. these are real companies coming. in northern nevada especially we're pretty much out of housing and we're starting to see some of the developers moving. affordable housing isn't an issue being raised. housing is very important. there has been the epic report issued by edon. it's reported there's going to be 16,000 new households in the next five years. we've been working with the private sector in terms of rental or affordable housing as
opportunities for low and middle income. does the state provide funding. how does the state get involved. you're not developers. what we use is a public private partnership model. we're working right now on summit club. it's going to bring five 84 new units right near the summit mall. it will be class a beautiful apartments. 20% of them will be set aside for work force housing. what we do we help the doel you are finance it biy helping issuing multi-development bonds. where does the money come from. we issue baubeds. rather the developer has to pay them back from the project revenues. what happens if the project went
if they default then the guarantee in the financial consequences would fall on the lap of the developer. klein corporation and they have decades worth of experience. >> this sounds great. obviously almost 600 units is going to put a dent in. it really is a dent. when you look at people living in the poverty level in reno and in las vegas too. >> we have this program called the housing tax credit program. take advantage of federal tax credits. what that allows us to allow for cash equity. this allows them to build
serving our veterans, seniors, low income families. it provides for a financial model when they don't have as much debt. they can keep the rents lower. >> as you look at the number of people coming to the state. really we're going to be looking at pre-recession levels of people moving to nevada. are we going to be able to cope with the amount of housing we need. back in 1978 when i first moved to reno the m.g.m. was built and there were construction workers sleeping in tents on the truckee river. this is a thousand times bigger than that. >> it is. what we've been seeing there's additional confidence in the builders. we have a program aimed at helping those families that want to become homeowners.
it provides for a mortgage product with a mortgage down payment, and housing grant. >> and they have a paycheck that where they can afford a mortgage where they find the challenging coming up with enough money for the down payment and closing costs. >> how does that works. it's another public private partnership. we obtain financing from the private sector. and we have a mortgage product that has this grant up to 5% of the loan amount. let's say a family had a $200,000 loan. we would provide up to $2,000 for the family. >> where does that grant come from. >> it comes from our private sector partner raymond james. >> and does this come along with the private mortgage insurance.
back. >> and back on "nevada newsmakers" we continue our conversation with cj manthe. she's the administrator of the nevada housing division. we were talking about these various mortgage products that you have. playing devil's advocate you know one of the reasons we got into the recession people buying homes they couldn't afford.
traditionally figure whether you can afford to buy a house or not was not just fogging up the mirror being able to come up with a down payment. do you have concerns we're going to end up finding ourselves in some kind of default situation if the economy takes any kind of downturn with these folks with no down payment. >> that's a great question. >> i will tell you we have a catch we use in our program. >> families need to have a minimum credit scores. and the additional requirement all families must participate in-home buyer education prior to buying the loan. we view buying a home one of the biggest financial decision they make in their lifetime. >> okay. now what about rentals? do you fund these things as well?
mentioned what we help to finance a construction of rental units in the private sector and these apartment communities we help to finance are nice apartments. they're high quality. they have nice amenities and they also offer services such as computer centers to do job skill training and things like that. >> one of the areas that you worked in was rural
areas. prior to coming to the state. lieian county is going to need a lot of housing. what are you looking at in rural areas like that? >> one of the things we're doing this year we have a special financing round we're going to finance an apartment complex and setting aside $6.5 million for an apartment in lieian or
would be close to the employment center. >> what about southern nevada. the $1 billion projects are rolling along one after the other. now we're talking at 42 acres for unlv. there's always $13 billion of projects in the pipeline. how do you plan to keep up with the needs of southern nevada. we are very busy in southern nevada. it's called the boulder pines project. and this is an innovative campus approach to constructing something that is not providing housing but so much more. and boulder pines had a charter school as a catalyst for that site. there's going to be a food service there. supportive social services and boys and girls club that helps
when you look at this what portion of the need do you think that the housing authority is going to be able to fill. when you look at the big picture. >> well, we hope we're going to move the needle and definitely have an impact on it. it's something where our job is never done. we have some great partners that we work with not only in the private sector as well as local governments. >> do you hav people at this time -- because we've seen with tesla and switch of we're getting worldwide viewing from everywhere. people wanting to look at nevada. are the developers coming to you we want to play in nevada. is it just developers or financial institutions. we're seeing bo. our phone is starting to ring and it's starting to ring quite often.
described with that that's a brand-new developer we haven't worked with before. they were looking at reno because of the tesla project. and they're bringing their know how and their development to a project here. >> we're in the beginning of a huge boom. and it looks like the housing division is trying to keep up with things here. it's going to be a busy time for you. we like to be busy. again with our partners working the private sector. we feel that our industry sector we'll be able to accomplish great thing. how do people contact you. how do they get involved or do they do it with other people. we work with over 70 mortgage companies. they can call up their normal mortgage partner, and ask about the home is possible program.
the process from the application to the closing. 16 months ago before we had this program we helped a few hundred programs. now we've wrapped that up that program up to 4,500. >> well you should come back here in the not too dis-too-distant future. sounds like a great program. >> we hope more people get into
professor of the unr. so no pressure on you godoy's. what are your thoughts on the first caucus day here. i have no idea where iowa is going to go. it's just been a real scramble. this year is the first year i've paid attention to the caucus system. what a system. you want people not to deal with this thing have a caucus. that's easy. you have classes. you have a tuesday night and then you have the radicals show up and people with things to grind and thing to do. people aren't going to do. let's do a primary. democracy. >> i was hoping this would be over. i'm bored and it's just february 1st. this whole process. it's interesting where the people that can set the momentum
and largely white. if i had to guess i think ted cruz pulls it out. >> i think iowa has a basically on the republican going for the most conservative in the group. so they haven't been a very good bellwether how the race unfolds. they do give candidates momentum. on the democratic side they have been very important. they've let unknown candidates such as jimmy kaurcarter bill clinton and helped barack obama. so you have two different dynamics with the parties in iowa. it's interesting to watch hillary clinton and bernie sanders from the money point of view. hillary clinton has the great organization but at this point in time bernie sanders is raising so much money that he
can he not. it looks like he brought in a lot of money in one-month. i don't remember the amount. it was a lot of money for a campaign in one-month. he does have the ability to raise money.
good or bad that's real strong in elections if you have the money. >> it's interesting. i mean are you going to see hammer and sickle if bernie sanders becomes the candidate on the democratic side. >> i think he represents the base of the party. hillary is the safe choice. bernie is the basis. he honey mooned in the soviet union when he got married. >> all of the millenials and the young people excited about bernie sanders an old senator
and it is fascinating that he has stayed in as long and captured the attention. i would disagree with tray he represents the base of the party. he represent the elizabeth warren wing of the party. ted cruz represents the republicans better but he's pretty extreme too. you have two extremes there who could do quite well in iowa. >> the one thing that's surprising about ted cruz. how well organized he is in iowa but in nes and new hampshire. his organization is unbelievable. he's well organized. he's articulate. his major problem and we're starting to see this he's not very likable. and that starts to really play as a campaign goes on.
she's seen as a pony. but ted cruz he's mean and he's just doesn't connect very well with a wide swath of voters. to that point i've talked to ted cruz personally. he is much more likable in person than on the stump. in iowa if he's talking to all of the small groups are they seeing the different ted cruz. i don't know. >> he's got a constitutional issue that's got to be dealt with somewhere along the way. >> it doesn't make any different difference who you're speaking. is he legally entitled to run for the president of the united states. >> it never did get solved. >> way down the road.
the birth certificate is important. what ted cruz he brought the birth certain of his mother. well that should have stopped the whole barack obama birther issue. barack obama is not a citizen. yet they love ted cruz. if you raise this issue it's not the same issue. >> do you want to respond. if your mother is a citizen you're a citizen. more or less. what the constitution is very specific in its wording. and how it's interpreted. you get to the supreme court. >> it's naturalized citizen. eric and i were talking about this earlier there's no definition of what naturalized is.
the case law more or less favors obama, and favors cruz. but it's not been dau fentively decided. >> trump is partially right on this issue. i don't think that it would be decided such that you're not a citizen. and let us spend our remaining 20 seconds with donald trump. your thoughts on donald trump. when he first came out he was going to run he was a showboat and showman. why is he running to him as a president.