CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Timothy Burch, Administrator of Human Services |
Recommendation:
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Approve, adopt and authorize the Chair to sign a Resolution in support of $15,250,000 in Private Activity Bond Cap funding for the proposed Ovation Development affordable housing development at Fort Apache and Wigwam, allocate $1.4 million in Off-Cycle HOME Investment Partnership Program (HOME)/Affordable Housing Trust Fund (AHTF) monies for the project, and authorize the County Manager or her designee to execute any required documents. (For possible action)
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FISCAL IMPACT:
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Fund #: |
2011.000 |
Fund Name: |
HUD & State Housing Grants |
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Fund Center: |
1080719000 |
Funded PGM/Grant: |
1080. PIFDHOME.9999 |
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Amount: |
$1,400,000 |
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Description: |
HOME/AAHTF monies to assist in the development of 195 units of senior affordable housing. |
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Additional Comments: |
N/A |
BACKGROUND:
Clark County Social Service, Community Resources Management unit received an Off-Cycle Initiatives request for $15,250,000 in Private Activity Bonds currently set-aside at the State of Nevada for off-cycle bond applications from Ovation Development and Coordinated Living of Southern Nevada for a 195-unit senior affordable housing development. CRM has confirmed with the State of Nevada that it has the bond cap available to allocate towards this project.
The Off-Cycle request includes a request for $1.8 million in HOME/AHTF gap financing to assist the developer to meet the affordability requirements of the financing. Clark County has $1.4 million in program income available to allocate for this off-cycle initiative, leaving the developer to seek alternative funding sources for the $400,000 not currently available through the county HOME/AHTF program.
The Apartment is being co-developed by Ovation Design and Development, Inc. (“ODDI”), which is an affiliate of Ovation Contracting, Inc. (“OCI”) and Coordinated Living of Southern Nevada, Inc. (“Coordinated Living”), a Nevada non-profit whose mission is to promote the development of affordable housing so that low-income Nevada seniors can age in a place that promotes choice and dignity.
The four-story, new construction elevator residence will include 177 one-bedroom/one bath units and 78 two-bedroom/one-bath units in one building, all with laundry hook-ups. All units target households at 60% of area median income with 9 units targeted to households at 50% of area median income.
The District Attorney has reviewed the Resolution as to form.