LAS VEGAS (KLAS) – For many people, finding housing in Las Vegas is a struggle. But, a new affordable housing project may ease some of that burden.
Construction is set to start in January on one of the largest affordable housing projects in Nevada, which will cost $94.5 million.
“When you only provide investment in the best areas, you leave a whole swath of your community behind. The more that you create separation between the haves and have not’s, the worst your community is,” said David Paull, Director of Real Estate Development at Nevada HAND.
According to a study by the National Low Income Housing Coalition, if you work a minimum wage job in Nevada, each week, you’ll have to work 73 hours to afford a one bedroom rental home.
“I’ve looked in different areas of the city and they all seem to be going up,” said resident Mirla Pastor.
The Las Vegas City Council approved a resolution last week that will direct the state to give $22.68 million in financing through the city’s private activity bonds.
The 480-unit housing project will be located near Alta Dr. and Decatur Blvd.
“I think for the first time since prior to the recession, there’s been a real realization that we have an affordable housing problem,” said Paull.
Along with the state, Nevada HAND and developer George Gekakis are spearheading the project.
The rent will range from $326 to $1,169 per month. It’ll be built in an opportunity zone, which is an area in need of reinvestment.
Since 1993, Nevada HAND has helped to develop more than 4200 apartments in the state.
According to Paull, there are 500 affordable apartments under construction right now.