A National Community Development Financial Institution (CDFI)Flexible Loan Capital Customized to Create Affordable Housing

David Paull, Director of Real Estate Development, Nevada HAND, Ingrid Avots, Senior Loan Officer, Community Housing Capital, and Brendan Murphy,	Real Estate Development Analyst, Nevada HAND

In December 2019, Nevada HAND (NVH) acquired 19.62 acres of vacant land for one of the largest affordable housing projects in Nevada history. The Decatur Blvd. and Alta Drive site will be developed as a 60-unit affordable senior project with 420- family apartments and an additional 180 senior apartments plus street-front retail/commercial space. Community Housing Capital provided a portion of the total financing with a $7.38 million land acquisition loan.

According to David Paull, director of real estate development for NVH, in an interview with the Las Vegas Sun, “We think this is a fantastic development. It’s going to bring workforce housing that is very much needed, and it’s also going to bring some very-low-income units to a state that ranks last in providing those units for our citizens.” Paull added, “We believe having retail in the (project) will encourage other developers and property owners to develop new properties and fix up their properties and improve the community.”

Although there are two separate projects, the entire development will start construction at the same time, in the spring of 2020. The total development costs are approximately $100 million with funding sources that include 9% LIHTC, 4% LIHTC, HOME Funds, tax-exempt bonds, Nevada Housing Division GAHP Funds, conventional mortgage debt, and developer financing. NVH is partnering with George Gekakis, a local general contractor and developer who specializes in senior apartment communities, to build the new affordable housing community.

The partnership will allow the two affordable housing developers to leverage their strengths to develop the 480 unit mixed-income and mixed-use affordable housing community that will be affordable to seniors and families making between 30% to 70% of the area median income. Construction of the family portion of the site will consist of ten three-story garden-style apartment buildings and one recreation building. The senior site will be a mixed-use four-story structure with retail on the ground floor fronting Decatur Blvd.

A full-time property manager, assistant manager, and maintenance technician will be hired to staff the property when it is operating. NVH’s Resident Services division will provide financial literacy services and one-on-one counseling for residents. Numerous construction jobs will also be created because this development will be a significant new construction project for the area.

NVH was incorporated in 1993 with the mission to improve the lives of low-income individuals by providing affordable housing solutions and supportive services. It is a full-service real estate development company with the capacity to design, develop, finance, construct, and manage both for-sale and affordable rental housing. NVH also provides resident services to provide information, referrals, and links to a wide variety of community services that ultimately empower residents to live independently. In partnership with Three Squares Food Bank, eligible residents living in NVH’s independent senior communities receive bi-weekly deliveries of supplemental groceries. Finally, in partnership with the Boys and Girls Club of Southern Nevada, NVH creates a safe after-school environment for children and teens through educational programs and creative activities.

 Nevada HAND developing the Decatur & Alta Drive site for seniors and families  Nevada HAND developing the Decatur & Alta Drive site for seniors and families