Groundbreaking To Celebrate Senior Affordable Housing Development In Downtown Las Vegas

Groundbreaking To Celebrate Senior Affordable Housing Development In Downtown Las Vegas

Las Vegas, October 19, 2007 — Officials from the city of Las Vegas, Clark County the State of Nevada’s Housing Division and Nevada H.A.N.D., Inc. will celebrate the groundbreaking of Stewart Pines III on Monday, Oct. 22, at 10 a.m. The affordable housing development for seniors, located at 233 North 13th Street, is a result of a collaboration of public and private support.

Stewart Pines III Senior Apartments, a $10.1 million community, is located at the southwest corner of Stewart Avenue and 13th Street in downtown Las Vegas. It is conveniently located near the Latin Chamber of Commerce and the Arturo Cambeiro Senior Center.

“Affordable housing continues to be an issue in Southern Nevada despite cooling real estate. It’s a top priority to ensure that people in our community have access to quality living at affordable prices,” Mayor Oscar B. Goodman said.

The 57-unit community will rent one-bedroom units at approximately $338 – $394 per month and two-bedroom units at approximately $473 per month. Seniors must qualify with annual income at $14,735 or below for a one-person household, and $16,835 or below for a two-person household. Each unit will be cable-ready and will contain fully-appointed kitchens with a range, refrigerator, garbage disposal, ceiling fans, central heating and air conditioning, and a patio or balcony.

“We continue to seek opportunities to develop affordable housing. The partnership that led to the successful development of Stewart Pines III is a great example of how the city of Las Vegas, Clark County, Nevada HAND, and our state and federal partners are working together to solve the affordable housing issue in the community,” said Las Vegas Councilman Ricki Y. Barlow.

Additional features will include age-appropriate activities, a free common area, laundry facilities, a computer center with free Internet and printing service, a fitness center, covered parking, exterior storage and a fully-equipped medical exam room.

The Stewart Pines III senior apartment complex was made possible by a team of dedicated private and public partners including: an $8.4 million investment of low income housing tax credit equity provided by MMA Financial, LLC., $1.25 million of HOME/LIHTF funds from the city of Las Vegas and $750,000 of HOME/LIHTF funds from Clark County.

“As a representative of this district, I have seen the effects of the rising housing and rental prices, I know many seniors have felt the downside of those changes,” said Commissioner Lawrence Weekly, who represents the area. “This site is a physical reminder that help is on the way.”

Affordable housing has been identified by Clark County’s Growth Management Task Force as a top priority. Today’s groundbreaking marks progress toward meeting that need.

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