June 24 Groundbreaking Set for Russell Senior Apartments
Ovation Development Corporation and Accessible Space, Inc. (ASI) are pleased to announce the groundbreaking for Russell Senior Apartments, a new 101-unit senior rental development being constructed on the northwest corner of Russell Road and Hollywood Boulevard, near Boulder Highway, in the Sunrise Manor section of unincorporated Clark County.
The groundbreaking will take place Monday, June 24, at 10 a.m. at the project site, 5625 South Hollywood Blvd. Taking part in the ceremony will be Clark County Commissioner Mary Beth Scow as well as representatives from the Department of Housing and Urban Development (HUD), Nevada Department of Business and Industry, Housing Division, Bank of America Merrill Lynch Community Development Banking, Hudson Housing Capital, and other public and private funders.
“Clark County is proud to be a partner in providing affordable and safe housing to residents in our community who have limited resources,” said Commissioner Mary Beth Scow, who represents Commisison District G where the project is located. “This complex is located near stores, churches, community services and mass transit to serve the needs of its future senior residents.”
Russell Senior Apartments will meet a growing need in the Las Vegas Valley for affordable senior housing serving residents age 55 and above. All of the units will be income-restricted, affordable to seniors at or below 35 percent and 40 percent of area median income, with all utilities included. Russell Senior Apartments will employ a full-time Resident Services Coordinator, who will assist residents with remaining financially and physically self-sufficient, and will provide limited transportation service.
The attractive three-story elevator residence will include 60 one-bedroom units and 41 two-bedroom units, all with laundry hook-ups. Russell will include a swimming pool and spa, facilities for meetings and social gatherings, a game area, hair salon, exercise room, and common area kitchen available for residents' use during social events. The building will seek LEED™ Certification and include high efficiency heating and cooling equipment, EnergyStar appliances and photovoltaic solar generation that will offset more than 10 percent of projected electrical consumption.
The apartments is being co-developed by Ovation Development Corporation, which is an affiliate of The Molasky Group of Companies, and Accessible Space, Inc. (ASI), one of the premier nonprofit developers and operators nationally of affordable, service-enriched housing for people with physical disabilities, including the frail elderly.
Since 1984, Ovation and its Founder, Alan Molasky, have built 29 apartment communities in the Las Vegas area comprising 7,536 units valued in excess of one billion dollars. Ovation completed its first tax credit senior apartment community, the 142-unit mixed-income Acapella Apartments, in June 2012. Ovation is currently developing two other affordable senior housing developments in Las Vegas: Minuet Senior Apartments, a 75-unit senior community, which opened in May and is already 100% leased; and Agate Avenue Apartments, a 182-unit community targeted to seniors and seniors with physical disabilities, which is scheduled to start construction in October 2013.
Accessible Space, Inc. (ASI) is a national, nonprofit organization headquartered in St. Paul, Minnesota that provides accessible, affordable housing, assisted/supportive living and rehabilitation services to income qualifying adults with physical disabilities, brain injuries and seniors including the frail elderly. ASI is the largest provider of HUD Section 811 accessible, affordable “housing with care”® in the nation and currently serves nearly 3,000 adults at 139 sites in 26 states through a dedicated staff of 550.
Responding to the need for accessible, affordable housing and supportive care services, ASI began working with local nonprofit organizations in Nevada in 1990 to develop the state's first supportive living settings for very low-income individuals with physical disabilities. Since the inception of the HUD Section 811 Program in 1990, ASI has been the only nonprofit organization in Nevada that has been awarded HUD 811 Program dollars. ASI has received HUD funding for 16 HUD Section 811/202 Supportive Housing Developments in Clark County, Las Vegas, Henderson, Reno, and Carson City, and one, 60-unit tax credit senior development (Coronado Drive Apartments) which opened in July 2011 in Henderson. In three of these developments, ASI provides 24/7/365 access to shared, personal care services. ASI also operates the Nevada Community Enrichment Program (NCEP) at The Loux Center on the Community College of Southern Nevada campus. Since 1992 NCEP has provided affordable, residential and comprehensive day treatment services to Nevadans with traumatic brain injuries including veterans.
The $13.8 million Russell Senior Apartments project will create an estimated 200 construction jobs over the next year and 3.5 permanent jobs. More than seventy-five percent of the financing for Russell Senior Apartments comes from a competitive award of Federal Low-Income Housing Tax Credits, administered by the Nevada Department of Business and Industry, Housing Division, and purchased by Hudson Housing Capital. Additional project financing comes from Bank of America Merrill Lynch Community Development Banking, the U.S. Department of Housing and Urban Development and Clark County Community Resources Management Division. Created by the Tax Reform Act of 1986, the Low-Income Housing Tax Credit is the most important resource today for creating affordable housing in the United States. Since 1987, the tax credit has financed an estimated 31,251 housing projects and over 1.8 million housing units across the nation.
Clark County is a dynamic and innovative organization dedicated to providing top-quality service with integrity, respect and accountability. With jurisdiction over the world-famous Las Vegas Strip and covering an area the size of New Jersey, Clark is the nation’s 12th-largest county and provides extensive regional services to more than 2 million citizens and 43 million visitors a year. Included are the nation’s 8th-busiest airport, air quality compliance, social services and the state’s largest public hospital, University Medical Center. The County also provides municipal services that are traditionally provided by cities to almost 900,000 residents in the unincorporated area. Those include fire protection, roads and other public works, parks and recreation, and planning and development.