November 14, 2021 - 9:27 am
A new affordable housing development is coming to North Las Vegas. On Monday, the city of North Las Vegas and its development partner Foresight Cos. will officially break ground on Lake Mead West Apartments, a 156-unit housing community at 3300 Coran Lane near Lake Mead Boulevard and Simmons Street, directly across from Ollie Detwiler Elementary School.
“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” said Hassan Chaudhry, principal of Foresight Cos. and developer of Lake Mead West Apartments. “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”
Lake Mead West will be a gated community that offers new apartments with state-of-the-art amenities and energy-efficient appliances, along with a dog park, pool and barbecue area. It will be anchored by a central community clubhouse with a meeting room and spaces designed for resident services and amenities.
“As a part of our partnership, Lake Mead West will not only provide affordable housing, but also ‘Wrap Around Services’ that include access to affordable health care, food pantry with nutritional food choices, after-school programs for students, social services, computer/internet work stations and a children’s play area,” Chaudhry said.
The project is a public-private partnership with the city of North Las Vegas, Nevada Housing Division, Foresight Cos. and a private investor, Red Stone. It is being built with a combination of Low Income Housing Tax Credits (LIHTC), a Tax-Exempt Bond, Taxable Bond, Developer Financing, HOME Grants and GAHP (Growing Affordable Housing Program) funds with the goal of providing low-income households with quality affordable housing at below-market rents.
One-, two- and three-bedroom units will be available with below-market rents offered exclusively to 50 percent and 60 percent Area Median Income households. Fair Market Rents (FMRs) in the area start in the $900s, according to HUD’s 2021 statistics.
“The need for affordable housing in this area is significant, and addressing that need is not only a priority for me, but for our entire City Council,” said Pamela Goynes-Brown, North Las Vegas councilwoman representing Ward 2. “The city of North Las Vegas looks for innovative solutions like this public-private partnership that benefit our residents. With 156 units, Lake Mead West Apartments will be a welcome partner in addressing this important need in our community.”
Lake Mead West is on 6.92 acres in Ward 2 of the city of North Las Vegas. It is immediately adjacent to Ollie Detwiler Elementary School and nearby West Preparatory Academy and Veteran’s Tribute Career &Technical Academy. It is also nearby major retailers like Wal-Mart and major area employers.
Lake Mead West Apartments are scheduled to be completed in spring 2023. For more information, visit fscompanies.com.
Foresight is a Las Vegas-based mission driven housing developer that is committed to “improving quality of life through housing development.”