Las Vegas Sun

July 1, 2015

Currently: 98° — Complete forecast | Log in | Create an account

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.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy

Previous Discussion: 1 comment so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy. Additionally, we now display comments from trusted commenters by default. Those wishing to become a trusted commenter need to verify their identity or sign in with Facebook Connect to tie their Facebook account to their Las Vegas Sun account. For more on this change, read our story about how it works and why we did it.

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

  1. I no longer live in Henderson. However, in about five years this will be fun to watch as local lawmakers scramble around.