Primeval (Ochaco) apartments near opening; city eyes state loan to bridge middle-income housing gap

The Director updated the commission on multiple housing developments, saying the Ochaco (Primeval) apartment project is nearing a late-April/May opening for the first phase, which includes about 192 units, with two additional phases possible if fully built.

On financing tools, the Director discussed a new state middle-income revolving loan fund intended to fill gap financing for projects meeting program criteria. "What it does is helps with that gap funding, basically... For $4,000,000 in this infrastructure necessity, I would do this development," he said, describing a structure where the city or county would be a sponsoring agent, accept the loan, and then re-grant the funds to a developer; property taxes from the lots would repay the loan for up to 10 years or until the loan is paid off. The Director noted homes financed under the program would be sold at 120% of AMI or less and that the program includes eligibility caveats and possible local prioritization (for example, teacher-priority criteria).

The Director also updated on other projects: Laughlin-area multifamily units are opening and selling, and some Madras Highway buildings remain under construction. Staff said developer timing and market demand continue to shape project pace.

Next steps: staff said the city may pursue the loan fund as a tool to move specific developments forward and will report back as program details become clearer.