Las Vegas Affordable Senior Project Lands Financing
The funds also back the construction of a low-income housing development in a nearby suburb.
Ovation Development Corp. and Coordinated Living of Southern Nevada have received financing for the development of a 194-unit affordable senior housing project in Las Vegas. The $21.9 million grant package also funds the development of 390 units for low-income working families in West Henderson, Nev. The communities will break ground at the end of next year and the first half of 2026.
With the approval of Clark County Board of County Commissioners, Clark County Community Housing Funds provided the financing through the Welcome Home program.
Ovation is one of the nine developers to receive affordable housing funds totaling $66 million for the development of 1,273 units across Clark County. The company will be responsible for delivering more than 45 percent of the planned units.
Nevada Business recently reported that Ovation also intends to break ground on Torrey Pines, one of the company’s 15 affordable projects slated to add 3,944 units to the Las Vegas market.
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Nevada was highlighted by The National Low-Income Housing Coalition as one of the states facing a severe shortage of affordable housing. In recognition of this pressing issue, Clark County established the Community Housing Fund two years ago to bolster affordable housing development. This initiative was launched in response to an estimated deficit of nearly 85,000 affordable homes, specifically aimed at catering to extremely low-income renters in Southern Nevada.
A closer look at the senior community
Last year in October, the project received a total of $60.3 million in construction loans, provided by Nevada Housing Division, Citibank, Wells Fargo and Clark County, Yardi Matrix data shows. Funds also included two self-financed notes originated by Ovation.
The fully affordable and age-restricted community to rise at 2325 E. Torino Ave. will serve seniors earning 30, 50 and 60 percent of the area median income. The site is near Interstate 215, which allows easy access to downtown Las Vegas. Harry Reid International Airport, Sunset Park and Cornerstone Park are within a 5-mile radius.
The County acquired the 5-acre parcel from the Bureau of Land Management under the Southern Nevada Public Land Management Act, with plans to subsequently transfer ownership to Ovation, the Vegas Business Digest reported.
Upon completion, the four-story building will feature one- and two-bedroom floorplans ranging between 689 and 905 square feet. Common-area amenities are to include a swimming pool, a fitness center, a game area, a spa, outdoor courtyards, community gardens, laundry facilities and controlled access.
Ovation, in collaboration with Coordinated Living of Southern Nevada, will provide transportation services, aid for medical appointments, health and wellness programs, as well as food assistance.
