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 for the reservation of Clark County’s allocation of Private Activity Bond Volume Cap for calendar year 2024 in the amount of $63,577,018.12; and authorize the Chair to sign related documents. (For possible action)
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FISCAL IMPACT:
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Fund #: |
N/A |
Fund Name: |
N/A |
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Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
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Amount: |
No Fiscal Impact $63,577,018.12 of Volume Cap Allocated |
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Description: |
Private Activity Bonds |
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Additional Comments: |
Bond issuance costs and the cost of repaying the bond are paid by end users. |
BACKGROUND:
Under the provisions of Chapter 348A of the Nevada Revised Statutes and 348A of the Nevada Administrative Code, Clark County is allocated Private Activity Bond Volume Cap (PABC) based on the population of the County. For calendar year 2024, the County’s allocation is $63,577,018.12. Through adoption of this resolution, Clark County will meet the State requirement to indicate the intended use or reservation of their PABC for specific projects and programs on or before September 1, 2024.
Clark County received 2 volume cap applications for specific projects. Ovation Development/Community Living of Southern Nevada (CLSN) submitted a request for $16M in PABC for their Bruner Senior Apartments project, a proposed 194-unit multifamily affordable housing project to be located between I-15 and Las Vagas Blvd., north of St. Rose Pkwy. in unincorporated Clark County. Nevada Rural Housing Authority (NRHA) requested $18.75M in PABC for the 207-unit acquisition/rehab of Riverwood Village Apartments in Laughlin, NV.
Clark County also received a request from the Nevada Rural Housing Authority (NRHA) for PABC for its affordable single-family homebuyer program, as well as the State of Nevada Housing Division (Housing Division) to set-aside any remaining PABC for their qualified affordable multifamily residential programs (bond/4% Low-Income Housing Tax Credit projects) and affordable single-family homebuyer programs.
Staff proposes to allocate PABC to the two projects mentioned above, and to grant the request to NHRA for $5M in PABC, consistent with the previous allocations to NHRA from the County. Staff then recommends to allocate the balance of Clark County's 2024 PABC to the Housing Division with the request that they prioritize providing PABC to any affordable multifamily projects located in Clark County and then use any remaining PABC (up to 25%) for affordable single-family homebuyer programs.
County staff anticipates increased demand for bond cap required for affordable multifamily projects due to an increased volume of projects made possible from leveraging the County’s Community Housing Fund and the State’s Home Means Nevada programs.
The following is the breakdown of the recommended PABC allocation:
CLSN/Ovation Development, Bruner Senior Apartments-New Construction: $16,000,000.00
NRHA, Riverwood Village Apartment-Acquisition/Rehab in Laughlin, NV: $18,750,000.00
Nevada Rural Housing Authority, Single-Family Homebuyer Programs: $5,000,000.00
Housing Division for Clark County Affordable Multifamily Projects: $23,827,018.12
TOTAL BOND CAP ALLOCATION $63,577,018.12