Progress on low-income housing project to be addressed

Shepherd Hills officials have asked to address the Las Vegas City Council on Monday about the progress -- or lack of progress -- for its often-delayed low-income housing project.

If the news is that the group has made little or no progress in securing financing for the former dilapidated Sierra Nevada Arms apartment complex at 1971 Carrara Drive, the council may decide to find another developer, a city official said.

Shepherd Hills Apartments Limited Partnership was granted its fourth extension by the council on Nov. 23 to give it time to secure additional funds and provide the city with a required official letter from the state-approved lender confirming unconditional financial commitment to the project.

At that time, the company assured the council that it would be its last request for an extension.

That extension expires next Friday.

Sharon Segerblom, director of the Neighborhood Services Department, in a recent brief memo to the council, wrote: "Shepherd Hills has requested staff provide them the opportunity to appraise the council of the current status of their project."

In June 1997, the U.S. Department of Housing and Urban Development transferred property to Shepherd Hills Apartments Limited Partnership for $1.

As one of the transfer conditions, Shepherd Hills agreed to obtain a permanent financing commitment for its planned project and begin construction within 15 months.

After the HUD deadline expired last March 6, Shepherd Hills was granted its first extension until July.

On July 28, the city transferred $10.7 million in private activity bonds to the State of Nevada Housing Division for use by Shepherd Hills to construct a multifamily rental housing project.

When the deadline imposed for bond issuance expired, the city granted Shepherd Hills two more extensions -- the latter of which expired Nov. 15.

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