The Sacramento Bee reports that the state of California has approved a $1 billion loan to build rural development in Northern Nevada.
The loans will help with a portion of the costs of building new housing and for a portion for infrastructure improvements.
The development is expected to begin in 2020.
The project is the latest in a series of rural infrastructure initiatives that the Governor is considering for the state, according to the Bee.
The governor said the goal is to help rural communities compete with urban areas.
“These investments will create more jobs, more opportunities, more wealth, and a stronger economy for our people and the economy of Northern Nevada,” Gov.
Brian Sandoval said in a statement.
The state has been looking for ways to boost economic growth in the Northern California region, especially as the state struggles with a severe drought.
The drought has forced many rural counties to cut back on development, and it has forced some to shut down their businesses.
The Northern Nevada Economic Development Corporation estimates that the region lost $3.5 billion in revenue due to the drought, according the Fresno Bee.