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Board approves bonds to preserve and rehabilitate 150 senior units in Laughlin
Summary
The Board approved up to $17 million in bonds for Vintage at Laughlin, a 150‑unit senior complex, to finance acquisition and rehabilitation and preserve the property as affordable housing for at least 30 more years.
The State Board of Finance approved Nevada Housing Division findings to issue up to $17 million in multi‑unit housing revenue bonds to acquire and rehabilitate Vintage at Laughlin, a 150‑unit senior apartment complex.
Administrator Stephen Aichroth said the rehabilitation will serve 142 senior households at or below 60% AMI and eight units at 40% AMI; the Division received a scope of work showing approximately $40,000 per unit in rehabilitation costs, with about $30,000 per unit directed to interior improvements that tenants will feel directly. Aichroth noted that Clark County indicated it does not support the use of the county’s volume cap for the project — while the county supports the project itself — and that under NAC the Division may finance a rural project using state volume cap. Christine Hess outlined the financing structure: a taxable construction loan provided by Citibank, a private placement for permanent tax‑exempt bonds with Citibank, resubordination of prior Clark County HOME and Section 1602 loans, a seller carryback note, and a developer fee deferral of roughly 65%.
Treasurer Zach Conine emphasized the importance of preserving the only affordable housing in Laughlin; Conine moved approval and the board voted unanimously to approve the findings of fact.
