CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Deputy County Manager
Dagny Stapleton, Community Housing Administrator |
Recommendation:
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Approve, adopt, and authorize the Chair to sign a resolution supporting an application by Nevada H.A.N.D., Inc. to the State of Nevada Housing Division for Private Activity Bond Cap (PABC) to finance phase 1 of the Serene Pines Apartments to be located on the south side of East Serene Avenue, between I-15 and Las Vegas Boulevard, Las Vegas, NV 89123. (For possible action)
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FISCAL IMPACT:
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BACKGROUND:
In prior years, Clark County has transferred a portion of its allocation of Private Activity Bond Cap (PABC) to the State of Nevada to be used for future affordable housing developments. As part of the process for receiving PABC funds from that set-aside, Nevada H.A.N.D., Inc., the developer/sponsor for phase 1 of the Serene Pines Apartments located on the south side of East Serene Avenue, between I-15 and Las Vegas Boulevard, Las Vegas, NV 89123 (APN #177-20-701-014), has requested a resolution from Clark County in support of Nevada H.A.N.D., Inc.'s application to the State of Nevada Housing Division for PAB financing. Phase 1 of Serene Pines Apartments is a new construction project that will provide 231 units of affordable senior housing. The financial closing is targeted for the first quarter of 2026 with an estimated 22-month construction period. It is the first phase of a two-phase multi-family community totaling 281 units for low-income seniors.
In 2025, Clark County approved $17,000,000 in Community Housing Fund (CHF) funds for this project.
Nevada HAND, Inc., the project sponsor, and developer, has an extensive background in multi-family finance, construction, operations, and rehabilitation of affordable housing projects.
Clark County's resolution of support for phase 1 of Serene Pines will assist the project in receiving transferred Clark County PABC funding. Staff has reviewed the request and recommends Board approval.
This item has been approved, as to form, by the District Attorney's Office.