Alliance Property Gets LIHTC Funding for Affordable Housing in Vegas
- Jun 26, 2018
Alliance Property Group has obtained $4.7 million in low-income housing tax credit equity to acquire and redevelop the 72-unit Owens Senior Apartments in Las Vegas. The investment covers most of the cost of the deal, which is about $6.3 million.
Owens Senior is a garden-style residential development for seniors 55 and older. The property was originally developed in 2001 and has since completed its initial tax credit compliance period, according to Alliance.
Hunt Capital Partners facilitated the investment of 9 percent federal LIHTCs through a multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. This is Hunt Capital Partners’ fifth deal with Alliance.
New Owner Plans Unit Improvements
The rehabilitation of the property, which should be complete by early 2019, will involve various unit upgrades to the property. New energy-efficient appliances, windows and heating and air systems will be installed. Solar panels will also be added to the community.
Owens Senior Apartments targets seniors with incomes of up to 50 percent of the area median income; rents will be restricted to 40 percent AMI. The property is in northern Las Vegas, which is bounded by Lake Meade Boulevard to the north. The development also offers seniors a private shuttle service driven by the full-time site manager at no additional cost to residents.