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 2026 in the amount of $70,558,705.47; 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: |
NNo Fiscal Impact $70,558,705.47 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 2026, the County’s allocation is $70,558,705.47. 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, 2026. Clark County received 1 volume cap application for a specific project. Ulysses Development Group/LV Owner LP submitted a request for $11.075M in PABC for their proposed 162-unit Boulder Highway Apartments located near the northwest corner of Boulder Highway and East Russell Road. This will be a new construction project in unincorporated Clark County. Clark County also received a request from the Nevada Rural Housing Authority (NRHA) for unallocated 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 project mentioned above, contingent on Nevada Housing Division underwriting and the project securing additional financing, and to grant the NHRA's request for $5M in PABC, consistent with previous allocations to NHRA from the County. Staff then recommend allocating the balance of Clark County's 2026 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.
The following is the breakdown of the recommended PABC allocation:
Ulysses Development Group, Boulder Highway Apartments-New Construction: $11,075,000.00
Nevada Rural Housing Authority, Single-Family Homebuyer Programs: $5,000,000.00
Housing Division for Clark County Affordable Multi-Family Projects: $54,483,705.47
TOTAL BOND CAP ALLOCATION $70,558,705.47