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Council ratifies new-market tax credit allocation and cooperative grant for recuperative care center
Summary
Council approved R-39-2026 and R-40-2026 to accept a $21.8 million allocation of New Market Tax Credits via the Las Vegas Community Investment Corporation and a cooperative grant not to exceed $15.34 million toward the new recuperative care center at 1581 North Main Street; staff said construction is expected to complete in September 2026 and the compliance period for the forgivable loan is seven years.
The City Council approved resolutions to allocate New Market Tax Credits (NMTC) and to execute a related cooperative grant agreement to support a recuperative care center at 1581 North Main Street.
Dina Babsky, director of economic and urban development, told the council that the Las Vegas Community Investment Corporation will allocate $21.8 million in NMTC to the project, which Babsky said has a total construction cost of "over $21 million." She said $10 million derives from last year’s allocation and $11.8 million from the 2024–25 allocation and that the project is located in a census tract designated as deeply distressed, aligning with CDFI fund priorities.
"After the investment of $21.8 million, the actual project funding that will come towards the project budget is $5.8 million," Babsky said, and added the compliance period for the forgivable loan is seven years and that construction completion is expected in September 2026. Council voted to approve the resolutions and ratifications related to the NMTC allocation and the cooperative grant agreements.
What happens next: Staff will execute required documents between the city, LVIC, and the project parties and monitor compliance during the seven-year period specified for the forgivable loan.
