The nonprofit organization Nevada HAND will build, own and manage the new 120-unit complex for seniors. The project is estimated to cost $21.6 million.
Residents are expected to move into the new building in December 2018, Nevada HAND said. Afterward, the current 42-year-old Rose Gardens building will be razed.
The sites are across the street from each other on Yale Street.
Construction of the new site is being facilitated through the federal government’s Rental Assistance Demonstration program, which allows housing authorities to form public-private partnerships and borrow private money to repair and rebuild public housing.
That means the new Rose Garden will not be public housing. However, Nevada HAND said rent for residents should not increase from the current rate of 30 percent of their adjusted income.