New apartment units to serve income-eligible senior citizens

Home sweet future home.

Crews broke ground this month on Lone Mountain Senior Apartments, a 75-unit, mixed-income senior rental development at Rainbow Boulevard and Lone Mountain Road.

The three-story facility at 4652 N. Rainbow Blvd. is to include 65 units for residents 55 or older at or below 40 percent of the area median income and 10 units for market rates.

Lone Mountain Senior Apartments are to have a spa, a media center, a billiards room, a pool and an exercise room. Contractors are to include reused and sustainable materials during construction, said Lorri Murphy, business manager for the Ovation Development Corporation.

A bus stop is to be added to property, and main bus routes linked nearby. A locals' casino and services such as grocery stores and banks are within walking or close bus distance, she added.

Lone Mountain Senior Apartments units are to be one- and two-bedroom options, and the facility is to hire a full-time resident services coordinator to assist residents with financial and physical self-sufficiency, said Murphy.

The Ovation Development Corporation and Silver Sage Manor Inc. oversee the project. Their previous collaborations produced Acapella, a 142-unit senior community at 5025 E. Mohave Ave.

The organizations gathered May 3 to break ground on Lone Mountain Senior Apartments. The project is expected to be completed in spring or summer 2013.

Tax credits and private and public backers funded the $10.7 million project. Eighty percent of the financing was supplied by the federal low-income housing tax credits, administered by the Department of Housing and Urban Development, the Nevada Department of Business and Industry, Housing Division and Wells Fargo Bank.

The public and private partnership funds projects through the tax credits and investor involvement, in this case Wells Fargo Bank, to provide affordable housing, Murphy said.

Ovation Development Corporation is an affiliate of the Molasky Group of Companies.

For more information, call 990-2335.

Contact Centennial and North Las Vegas View reporter Maggie Lillis at mlillis@viewnews.com or 477-3839.