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 Parvin Senior Apartments LP to the State of Nevada Housing Division (NHD) for Private Activity Bond Cap (PABC) to finance the construction of Parvin Senior Apartments located at the northwest corner of the Parvin Street and Barbara Lane alignments, unincorporated Clark County in Las Vegas, NV 89183. (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 (PAB) to the State of Nevada Housing Division (NHD) to be used for future affordable housing developments. As part of the process for receiving PABC funds from that set-aside, NRP Lone Star Development LLC and Prospect Street Capital LLC, the developers of the proposed Parvin Senior Apartments to be located at the northwest corner of the Parvin Street and Barbara Lane alignments, unincorporated Clark County in Las Vegas, NV 89183 (APN #191-05-601-019), has requested a resolution from Clark County in support of Parvin Senior Apartments LP's application to the NHD for PAB financing. Parvin Senior Apartments is a proposed 235-unit multi-family housing complex that will serve seniors with household incomes from 30% to 80% AMI, with a weighted average just below 60% AMI. This complex will include 1- and 2-bedroom units within 2, 5-story elevator buildings with a leasing office/clubhouse, indoor/outdoor amenities and covered parking for the residents.
Parvin Senior Apartments LP will be applying to the NHD for $25,650,000 at an upcoming State Board of Finance meeting.
NRP Lone Star Development LLC and Prospect Street Capital LLC, the project developers, combined have an extensive background in multi-family finance, construction and the operation of affordable housing projects.
Clark County's resolution of support for the rehabilitation of Parvin Senior Apartments will assist the project in receiving transferred Clark County PAB funding. Staff has reviewed the request and recommends Board approval.