Board approves up to $33.4 million in tax-exempt bonds for Southern Pines 2 senior apartments

The State Board of Finance on Feb. 8 approved a request from the Nevada Housing Division to permit up to $33.4 million in tax-exempt Multi-Unit Housing Revenue Bonds for Southern Pines 2, a proposed 180-unit senior affordable apartment complex in southwest Las Vegas.

Stephen Aichroth of the Nevada Housing Division told the Board the financing will provide affordability restrictions for 179 units at or below 60% of area median income, with 10% of units set aside at 30% AMI. He said the project is being developed alongside Southern Pines 1 (a 60-unit tax-credit project), and together the campus will total 240 units. Chief Financial Officer Christine Hess said the total project cost is about $64 million and identified the financing sources as the $33.4 million in tax-exempt bonds, roughly $27 million in 4% low-income housing tax credit equity, $13.38 million in Clark County Community Housing Funds, $2 million in Clark County Home Funds, $3 million in Division Gap Funds and a $5.4 million developer fee deferral.

Treasurer Zach Conine moved approval of the Administrator’s Findings of Fact to permit the bond issuance; the Board voted unanimously to approve. Staff said the financial close is slated for March 12, 2024, and that the original June 2023 approval for $30.5 million was increased due to changes in the financing structure and the addition of private activity bond cap authority.