Partnership Debuts Affordable Housing Revamp in Vegas
Community Development Partners and BLVD Capital have opened Baltimore Gardens and Cleveland Gardens, two communities totaling 201 units. All apartments are restricted to low-income households.
Baltimore and Cleveland Gardens
Community Development Partners and BLVD Capital have celebrated the grand opening of Baltimore Gardens and Cleveland Gardens Apartments in Las Vegas. The 201 renovated units will serve low-income families earning up to 60 percent of the area’s median income. Integrated Design & Architecture designed the renovations, Precision General Contractors constructed the project and Cornerstone Residential will provide property management.
Located at 316 W. Baltimore Ave., and 311 Cleveland Ave., the two rehabilitated communities provide easy access to Interstate 15 and are within a 10-minute drive of downtown Las Vegas. Built between 1958 and 1960, the properties span across 21 buildings. Interior updates included new flooring, paint, cabinets, countertops, and energy-efficient windows and appliances. Other upgrades involved updating the building systems and exteriors, and installing water-efficient landscaping.
Complex funding
The $27 million project financing included tax-exempt bonds issued by the Nevada Housing Division and equity from the sale of non-competitive, 4 percent Low-Income Housing Tax Credits, as well as HOME funds from the City of Las Vegas. All units will receive Section 8 rental assistance.
“These renovations will elevate living conditions, improve energy efficiency and increase security. These changes go beyond simply providing quality, affordable housing. They help create a healthy and engaged neighborhood,” said Community Development Partners CEO Eric Paine, in a prepared statement.
Image courtesy of Community Development Partners
