CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Deputy County Manager Dagny Stapleton, Community Housing Administrator |
Recommendation:
title
Approve and authorize the obligation of $6,000,000 in Clark County Community Housing Funds (CHF) to FWM Paseo, LLC for the preservation of 120 units of attainable housing; and authorize the County Manager or his designee to execute any necessary documents related thereto. (For possible action)
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FISCAL IMPACT:
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Fund #: |
2770 |
Fund Name: |
Community Housing |
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Fund Center: |
1000116400 |
Funded PGM/Grant: |
N/A |
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Amount: |
$6,000,000 |
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Description: |
Clark County Community Housing Fund |
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Additional Comments: |
N/A |
BACKGROUND:
In response to the unprecedented crisis in housing affordability and availability, the Board of County Commissioners created the Community Housing Fund (CHF) in 2022 to support the construction and preservation of attainable housing. In addition to awarding CHF funds to 47 attainable housing developments since 2022, the Community Housing Office has also been working to preserve existing attainable housing units which may be at risk of converting to market-rate housing, and which also need rehabilitation. Paseo del Prado apartments, located at 740 E. Warm Springs Rd., consists of 120 units restricted to 60% AMI and below. The project was built in 1996 and the current affordability restriction will expire this year, putting it at risk to be sold and the units converted to non-attainable housing. FWM Paseo, LLC has applied for CHF funds, along with Low-Income Housing Tax Credits from the State of Nevada, to rehab the project to preserve the affordability on the units. CHO staff has vetted the application and has done a preliminary underwriting of the project and recommends approval of $6,000,000 in CHF funds for the preservation and rehab of this project.
Pursuant to Commission approval, staff will draft the loan agreement for the awardee and submit that for signature by the County Manager or his designee. Further, Clark County will be responsible for monitoring the project to ensure that the units contained therein remain affordable, and to ensure compliance with the requirements of the CHF Program.
The District Attorney's Office has reviewed and approved this item, as to form only.