Developer builds affordable housing complex for Las Vegas seniors
An affordable-housing developer has put up a new apartment complex for seniors in Southern Nevada.
Las Vegas-based George Gekakis Inc. held a ribbon-cutting ceremony Friday for a 171-unit community called West Sahara Senior Housing.
The $50.5 million complex, on Sahara Avenue between Cimarron Road and Buffalo Drive, opened last year.
Rents start at $573 per month, which includes utilities, and the property serves residents with annual incomes starting at $21,000, according to a news release.
It features one- and two-bedroom units and such amenities as a pool and spa, fitness center, and health and wellness facilities, the release said.
The project was financed, in part, by more than $34 million through the federal Low-Income Housing Tax Credit program, according to the office of U.S. Rep. Susie Lee (D-NV).
GGI isn’t the only developer in Las Vegas that builds affordable housing. Ovation Development Corp., for instance, recently held a grand opening ceremony for a 195-unit apartment project in the southern Las Vegas Valley.
The roughly $48 million project, Heirloom at Pebble, is also an affordable complex for seniors.
But overall, Nevada has long needed an increased supply of affordable units.
Nevada, with the bulk of its population in the Las Vegas area, has a shortage of nearly 78,000 affordable and available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
