CARSON CITY — A state panel on Tuesday gave the go-ahead for the state Housing Division to issue up to $30 million in bonds for construction of a 272-unit affordable housing rental project for seniors in Las Vegas.
The Board of Finance approved the request for the multi-unit housing revenue bonds for the Tenaya Senior Apartments to be located just south of Craig Road on Tenaya Way.
Gov. Brian Sandoval, a member of the board, praised the project backers for helping to fill a need for affordable housing in Southern Nevada. Ground is expected to be broken for the project in December with construction complete in June of 2019.
The project is being co-developed by OAH Development, Inc., which is an affiliate of Ovation Development Corp., and Coordinated Living of Southern Nevada Inc., a Nevada nonprofit corporation with the mission of promoting the development of affordable housing so that low-income Nevada seniors can live in a setting that promotes choice and dignity.
The project will include 164 one-bedroom/one-bath units and 108 two-bedroom/one-bath units in two buildings, all with laundry hook-ups. It will also have a full complement of common space amenities, such as a swimming pool and facilities for meetings.
Rents are projected to be in the $590 to $851 a month range.
The estimated total development cost is $40.8 million, or about $150,000 per unit.
Since 1984, Ovation and its Founder, Alan Molasky, have built 38 apartment communities in the Las Vegas area comprising 9,217 units valued in excess of $1 billion.
Contact Sean Whaley at email@example.com or 775-461-3820. Follow @seanw801 on Twitter.