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State Board approves $35.5M to rehab 300 family units at Vista Creek in Laughlin
Summary
The Board unanimously approved up to $35.5 million in bonds to acquire and rehabilitate Vista Creek, a 300‑unit family property in Laughlin, preserving affordability for nearly 300 households.
The State Board of Finance approved Nevada Housing Division findings to issue up to $35.5 million in multi‑unit housing revenue bonds to acquire and rehabilitate Vista Creek, a 300‑unit family apartment complex in Laughlin.
Aichroth said the project will serve 292 family households at or below 60% AMI and eight units at 40% AMI; NHD plans a private placement with Citibank for permanent tax‑exempt bonds and a taxable construction loan provided by Citibank in advance of equity installments. Christine Hess noted prior funds (Clark County HOME and NHD) will be resubordinated via a Section 1602 loan and that Vista Creek will defer roughly 70% of the developer fee. Ryan Patterson (Vintage Housing) and Dane Hillyard (Green Street Development) thanked the board and highlighted that little new housing has been built in Laughlin in recent decades, stressing the project’s local importance.
Member Navarro moved approval and the board voted unanimously.
