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Yesterday, Ovation Development announced a new 195-unit below-market rent affordable housing development for seniors whose income falls below 30, 50, and 60 percent of area median income. The project is located on the northwest corner of Pebble Road and Eastern Avenue. The construction is expected to start in the fall with completion planned for early 2025.
The project will consist of one- and two-bedroom apartments. The amenities at this affordable property will be on par with market-rate properties, including a swimming pool and jacuzzi, game area, hair salon, gym, outdoor courtyards, and community gardens.
The 5-acre parcel is being conveyed to the County from the Bureau of Land Management (BLM) through the Southern Nevada Public Land Management Act and will in turn transfer the land to Ovation.
The County provided $11.8 million in funding for the project, including $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in Country HOME funds.
through the Southern Nevada Public Land Management Act and will in turn transfer the land to Ovation.
The County provided $11.8 million in funding for the project, including $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in Country HOME funds.
Special guests at the ceremony included U.S. Senator Catherine Cortez Masto, Clark County Commissioner Michael Naft, BLM Director Tracy Stone-Manning, BLM Nevada State Director Jon Raby, and HUD representatives.
"Our community has a dire need for affordable senior housing," said County Commissioner Naft. "That's why Clark County is investing significant resources in our Welcome Home initiative to increase the options for individuals in need of assistance. I want to thank our partners in the federal government, Alan and Jess Molasky of Ovation, Coordinated Living of Southern Nevada and our staff for helping to make this project a reality for the betterment of our entire community."
The Welcome Home Community Housing Fund initiative was created on April 5, 2022 by Clark County to address the urgent need for housing for low-income residents. On September 6, 2022, the County Commission approved funding of nearly $120 million to fund multiple affordable housing new construction and rehabilitation. Funded projects can be viewed on the County's website.
According to the County officials, there is currently a shortage of more than 85,000 homes for low-income and very low-income residents who earn less than 50% of area median income. To address the need for more affordable housing, the Welcome Home funds are also being used to create a community land trust, and the County is planning a future funding round for permanent supportive housing projects.
