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Board approves $20M bond placement for 80‑unit Duncan & Edwards affordable housing project
Summary
The State Board of Finance approved the Nevada Housing Division’s findings to issue up to $20 million in Multi‑Unit Housing Revenue Bonds for the Duncan & Edwards 80‑unit development in Las Vegas after the issuance structure shifted to a private placement.
The State Board of Finance voted unanimously on Oct. 4 to approve the Administrator’s Findings of Fact allowing issuance of up to $20,000,000 in Multi‑Unit Housing Revenue Bonds to finance construction of the 80‑unit Duncan & Edwards family apartment complex in Las Vegas. Stephen Aichroth told the board the project had been approved in June 2024 but that the issuance had shifted from a public offering to a private placement, prompting reapproval.
The borrower is Duncan Edwards‑Michaels LLC, with the managing member co‑owned by Affordable Housing Program, Inc. (Southern Nevada Regional Housing Authority) and Michaels Development Company; US Bank is listed as the equity investor partner. Member Benjamin Edwards moved the motion to approve; it passed unanimously. The board considered the request under NRS 319.270(4). Staff noted the change in placement would enable a different transaction timeline and structure than previously contemplated; specific closing dates were not provided in the meeting record.
