Yesterday, Las Vegas City Council approved a Disposition and Development Agreement (DDA) with Ovation Design and Development, Inc., a Nevada real estate development firm, and Coordinated Living of Southern Nevada, Inc., a Nevada 501(c)3 non-profit corporation, for the sale and development of the 9.45 acres land (APN 125-24-701- 041) located at the northwest corner of North Decatur Blvd and West Rome Blvd to build affordable rental units.
The developer will build a 276-unit affordable family rental development consisting of 238 apartments and 38 standalone ‘tiny homes’, along with landscaping, courtyards, walking paths, recreational facilities and carport parking throughout the project. The DDA outlines not only the sale of the real property but also the development process.
According to the City Council’s meeting packet, all of the units at this project will be affordable to households below 60% of area median income (AMI). 176 units (63.8%) will be affordable to families at or below 49% of AMI. 100 units (36.2%) will be affordable to families at or below 59% of AMI. The weighted average income targeting and rent level for all of the units will be approximately 52.6% of AMI.
The proposed rents at this project will be below market rate. Rents will range from $628 to $766 for a studio “tiny home” unit, $677 to $824 for a one-bedroom unit, $814 to $991 for a two-bedroom unit and $941 to $1,146 for a three-bedroom unit.
The developer will also explore the use of the “Average Income Test” created by Congress under the Consolidated Appropriations Act of 2018 in order to expand the affordability window of the development.