What Are the Major Components of the CARES Act?

A resident of Henderson, Nevada, which is just outside of Las Vegas, Kevin Romney currently oversees real estate properties and identifies new investment opportunities as the chief investment officer of the Camino Verde Group. A former CPA and senior accountant for Ernst and Whinney, Las Vegas professional Kevin Romney also offers expertise in federal legislation designed to boost American businesses and stem economic losses related to the COVID-19 pandemic.

The Coronavirus Aid, Relief and Economic Security (CARES) Act is a piece of federal legislation that passed the United States House of Representatives and was signed into law on May 27, 2020, by President Donald Trump. It provides a third round of governmental support to help boost the economy and address the impact of COVID-19 on public health.

In addition to providing assistance to state and local governments, health care providers, and businesses, the CARES Act expanded unemployment provisions to provide an additional $600 in weekly benefit to recipients. The act also established a forgivable loan program for small businesses known as the Payroll Protection Program, and provided a recovery rebate for individual taxpayers. The rebate provides up to a $1,200 tax credit for individuals, in addition to a flat $500 credit for each dependent child.

For additional information and specific components of the CARES Act, visit home.treasury.gov/policy-issues/cares.

Nevada Making Strides in Solar Energy

The manager of Las Vegas-based solar panel system provider Radiant Solar Solutions, Kevin Romney is a strong advocate of renewable energy programs in Nevada. Kevin Romney worked alongside other clean energy proponents in and around Las Vegas to support legislation Assembly Bill 405 and strengthen the state’s renewable energy sector.

In the years since the bill was signed, Nevada rose to third in the nation in solar installations. However, Nevada’s solar sector was negatively impacted by a tariff put into place in 2015.

After 2017 Assembly Bill 405 reversed this, the state’s solar energy sector took off again. Federal tax credits have also encouraged residents to install solar panels on their homes.

In 2018, more than 500 megawatts of solar capacity were installed in Nevada. Only California and Florida exceed the state in annual solar installations. While trends are expected to continue upward for the next few years, some experts predict that the expiration of the Residential Renewable Energy Tax Credit in 2022 will cause a slowdown.

Camino Verde Group makes another acquisition

Camino Verde Group recently completed the purchase of a 28-unit multifamily property at 2556 South Van Patten Street in the Historic Commercial Center District of Las Vegas. The units will be rebranded as Camino 2556.
Camino 2556 will undergo approximately $300,000 in interior and exterior improvements, which are already underway. Built in 1963, the property offers large 1-, 2-, and 3-bedroom floor plans with oversized kitchens and closets. The four garden-style buildings sit on .68 acres and share a common border with Camino 2575, another Camino Verde Group owned property.
Both properties are centrally located near major employment centers, and offer a unique affordable living environment not found in modern multifamily properties.
“They are within a mile of the Las Vegas Convention Center and the north end of the Las Vegas Strip, making them ideally suited for affordable workforce housing,” said Kevin Romney, co-founder of Camino Verde Group. “There is significant construction near these properties that are creating jobs including Resorts World, the Drew, the MSG Sphere and $980-million expansion of the Las Vegas Convention Center.  These four projects should add more than 20,000 jobs, all within walking distance of our communities.”
Camino Verde Group’s history with Las Vegas multifamily investments helped the firm negotiate and close this transaction during a difficult economic time. “We have the capital to make good investments, and believe Las Vegas’ economy will come back stronger than ever,” said Ballard. “There has and will continue to be an affordable housing shortage in the market, and we aim to provide many quality affordable housing options throughout Southern Nevada.”
Ballard said the proximity of Camino 2556 and Camino 2575 will also allow economies of scale for operations and cost savings for investors.
“We are able to offer two-bedroom units below $900, which helps fill a significant need for affordable work force housing,” he said.  “Both properties are located near the Monorail and other major transit lines, making transportation throughout the city easy for residents.”
For more information on Camino 2556 and other properties in Camino Verde Group’s growing portfolio, call Kevin Romney at kevin@caminoverdegroup.com.