Las Vegas Sun

August 29, 2015

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Bonds OK’d for affordable-housing project in Henderson

CARSON CITY — The state Board of Finance on Tuesday cleared the way for construction of a 210-unit apartment complex in Henderson for moderate- and low-income families.

Up to $16 million in tax-free bonds will be issued through the state Housing Division to finance the project consisting of 10 three-story buildings containing two- and three-bedroom units.

The Fore Property Co. will be the developer and has built 11 other senior and affordable-housing projects in Nevada.

State Treasurer Kate Marshall sought and gained assurances that the developer would not enjoy excess profits if all the units were occupied. She said the law permits a 15 percent profit.

If there were higher profits, Marshall suggested, rents could be lowered on the project, which is expected to take about 18 months to build.

John Fore of the development company told the board profits would not exceed 15 percent.

Gov. Brian Sandoval questioned if Nevada workers would be hired for the job. Fore said his firm is based in Las Vegas and will employ local workers.

The apartments will be located on two parcels along Boulder Highway, near Equestrian Drive in Henderson. Each site will have its own swimming pool, clubhouse, picnic areas and other amenities.

The units will be restricted to tenants who earn less than 50 percent or 60 percent of the area’s median income. According to the plans, a two-bedroom unit for a family with an income of 50 percent or less than the median income would pay rent of $650 a month. For a three bedroom, the rent would be $730.

Citibank, according to documents supplied to the board, will buy the bonds. Coupled with the state bond financing, there will be other sources of financing, bringing the total project cost to $28.2 million.

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