Clark County Commissioners today approved funding plans for two affordable housing projects that will help more than 400 low-income seniors and families in Southern Nevada.
"Affordable housing is an important need in our community," Commission Chairman Marilyn Kirkpatrick said. "The projects we supported today will give families and senior citizens more and better housing choices."
"It is important to create more housing opportunities for our seniors," Commission Vice Chairman Lawrence Weekly said. "The County is taking the right and appropriate steps to make sure everyone in our community has a place to call home."
The Blue Diamond Senior Apartments is a new project that will create 112 one-bedroom units and 83 two-bedroom units for low-income seniors. The project will be built on the southeast corner of Blue Diamond Road and South Quarterhorse Lane and is expected to open in summer 2021.
The Woodcreek Apartments is an existing complex at 4485 Pennwood Avenue with 232 units including 208 apartments with two or more bedrooms. The proposal calls for renovating all the apartments during the next 12 to 18 months as the units become vacant naturally. The apartments will be required to be kept affordable under federal affordable housing rules through 2050.
Both apartment complexes will be for residents who earn less than 60 percent of the area median income. For example, a family of four would have an annual income under $41,820, and a household with two seniors would have an annual income under $33,480.
Today, the commissioners approved the allocation of up to $52.6 million in private activity bonds to support these projects as well as Nevada Housing Division Single Family Mortgage Programs, and the Nevada Rural Housing Authority Mortgage Credit Certificate Program.
The Blue Diamond Senior Apartments, which is being proposed by Coordinated Living of Southern Nevada Inc., would use up to $13 million of these bonds to help fund this $33.1 million project.
The Woodcreek Apartments, proposed by Fairfield Residential, would use up to $13 million of these bonds to help fund this $48.5 million project.
Private activity bonds are tax-exempt bonds that may be issued to support private-sector projects with a public benefit, such as creating or sustaining affordable housing units. The bonds are not guaranteed by the government but may be linked to tax credits, which the bonds supported today are.