New Affordable Rentals Planned for Las Vegas Seniors

Groundbreaking for New Affordable Living Senior Apartments Site

Neighborhood Housing of Southern Nevada (NHSSN) broke ground on February 17, 2022 at the site of a future senior affordable housing development. “The Golden Rule Senior Apartments” will provide 60 rental units for very low-to-moderate income seniors. The groundbreaking ceremony was met with much fanfare, as affordable housing is in critical need in the Las Vegas area, at a crucial time in the valley. Many of the city’s dignitaries as well as Nevada’s stakeholders were in attendance, as this project was a true collaborative effort. The State of Nevada through the National Housing Trust Funds is providing $828,000 and Low Income Housing Tax Credits along with the City of Las Vegas providing $1.9 million. Clark County Commissioners allocated $600,000 in Account for Affordable Housing Trust Funds. Chase Bank supplied a permanent loan of $675,000, and finally a private investor, Boston Financial, is providing $12.3 million in funds. Neighborhood Housing Services of Southern Nevada Inc, is providing the land for the project.

Neighborhood Housing Services of Southern Nevada Inc., is a nonprofit agency focused on housing for the last 30 years. NHSSN provides homebuyer education, administers down payment assistance, and provides foreclosure prevention and mitigation. The Golden Rule Senior Apartments will be the first Low Income Housing Tax Credit project for this agency. The project is a result of a fortuitous connection between Nevada Housing Division Administrative Officer Mark Licea, and the leadership team at NHSSN. When Mark learned of the land parcel that NHSSN owned, he worked to connect them with investors and state stake holders to assist in getting the project approved.

“This is personal to me.” Licea remarked when speaking at the groundbreaking.

Construction is underway and Golden Rule is expected to open in the Spring of 2023.