Las Vegas Sun

April 19, 2014

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Bonds issued for low-income and senior housing in Clark County

The Nevada Board of Finance on Tuesday approved the issuance of $27 million in bonds for low-income and senior housing in Clark County.

Proponents told the board there is a waiting list for such housing.

The Southern Nevada Regional Housing Authority requested $11.5 million in bonds to gut the Landsman Gardens Apartment because of water seepage and air problems.

John Hill, executive director of the housing authority, said the 95 low-income families in the complex were relocated at the authority's expense, and 64 have expressed interest in returning when construction is completed next year. The low-income families are charged 30 percent of their income.

Eric Novak of the Praxis Consulting Group, which is involved in the project, said there is a waiting list of 1,700 people who want a chance for an apartment at the complex, 750 North Ave. in Henderson, which will have two-, three-, four- and five-bedroom units

Hill said the total cost to rehabilitate the 1971 building is estimated at $21 million, but there are other funding sources. In answering a question from Gov. Brian Sandoval, Hill said Nevada residents will be given preference to rent the units.

In addition, $15.5 million in mortgage revenue bonds was approved through the state Housing Division for a new, three-story senior citizen apartment complex for 182 families at West Gate Avenue between South Lake Boulevard and Interstate 15 in the unincorporated part of Clark County.

The Agate Avenue Apartments project consists of 110 one-bedroom units and 72 two-bedroom units. It will have such features as a swimming pool, game room, hair salon, exercise room and reading rooms.

Rent is based on income and will range from $606-$874.

Agate Seniors Manager LLC is the general partner, and Wells Fargo Bank, which will provide $8.7 million in the purchase of low-income housing tax credits, is the limited partner.

Agate Seniors Manager is comprised of Ovation Development Corp., an affiliate of the Molasky Group of Companies, and Accessible Space Inc.

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