Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
State Board approves $45M to build 192-unit Old Rose Gardens affordable community in North Las Vegas
Summary
The board approved up to $45 million in bonds for Old Rose Gardens, a 192-unit affordable project (including senior-targeted units and deep affordability), combining Home Means Nevada funding, tax-exempt construction placement and a Freddie Mac permanent loan.
The State Board of Finance unanimously approved the Nevada Housing Division’s request to issue up to $45,000,000 in multi-unit housing revenue bonds to finance Old Rose Gardens Apartments, a 192-unit development in North Las Vegas. Housing Division staff said the project will include units for families and seniors, with half of the units serving households at or below 30 percent AMI and 120 rental assistance vouchers.
Christine Hess described a financing structure that pairs Home Means Nevada initiative funds with short-term private placement construction bonds placed by Jefferies (≈$45M) and a Freddie Mac tax-exempt permanent loan commitment (~$13.25M) to be converted following construction. Hudson Housing Capital will provide approximately $35.422 million in equity for four percent low-income housing tax credits. Controller Andy Matthews moved approval and the motion passed unanimously.
Board materials noted this project is the third presented that day by the Southern Nevada Regional Housing Authority and that the financing structure demonstrates the combination of public subsidy and tax-credit equity required to produce deeply subsidized housing.
