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Board approves $26M in bonds for 121-unit 28th & Sunrise affordable apartments in Las Vegas
Summary
The State Board of Finance approved up to $26 million in multi-unit housing revenue bonds to build 121 affordable family rental units at 28th & Sunrise in Las Vegas, with 54 units reserved for households at or below 50% area median income and about 60 rental assistance vouchers.
The State Board of Finance on June 6 authorized the Nevada Housing Division to issue up to $26,000,000 in multi-unit housing revenue bonds to finance construction of the 28th & Sunrise Apartments, a 121-unit affordable family development in Las Vegas. Stephen Aichroth and Christine Hess of the Housing Division presented the findings supporting the issuance and the board voted unanimously to approve the request.
Hess said the project will serve households at or below 80 percent of area median income (AMI), with 54 units targeted for households at 50 percent AMI and below, and the project will be supported by roughly 60 rental assistance vouchers. Financing will be structured in two series: Series A permanent bonds (estimated at $11.5 million) secured by a Fannie Mae mortgage-backed security, and Series B short-term tax-exempt notes (about $14.5 million) used during construction and collateralized by a $26 million US Bank bridge loan. Berkadia will manage underwriting and US Bank will provide roughly $21.4 million in equity in exchange for four percent low-income housing tax credits.
Member Benjamin Edwards moved approval and the motion passed unanimously. The board recorded the action as required under NRS 319.270(4). The approval allows the Housing Division to proceed with closing and finalizing the bond structure and related financing steps; staff indicated underwriting and placement will follow standard procedures.
