How about a brand new apartment in a gated community with state-of-the-art amenities and energy-efficient appliances, along with a dog park, pool and barbecue area. It will be anchored by a central community clubhouse with a meeting room and spaces designed for resident services and amenities and it will be available for about $1100 Canadian?
That’s what they are building in Las Vegas. The Lake Mead West Apartments, is a 156-unit housing community directly across from an Elementary School.
“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” Hassan Chaudhry, principal of Foresight Cos. and developer of Lake Mead West Apartments told the Las Vegas Journal-Review. . “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”
“As a part of our partnership, Lake Mead West will not only provide affordable housing, but also ‘Wrap Around Services’ that include access to affordable health care, food pantry with nutritional food choices, after-school programs for students, social services, computer/internet work stations and a children’s play area,” Chaudhry said.
The project is described as a public-private partnership with the city of North Las Vegas, Nevada Housing Division, Foresight Cos. and a private investor, Red Stone. It is being built with a combination of Low Income Housing Tax Credits (LIHTC), a Tax-Exempt Bond, Taxable Bond, Developer Financing, HOME Grants and GAHP (Growing Affordable Housing Program).
One-, two- and three-bedroom units will be available with below-market rents . Fair Market Rents (FMRs) in the area start in the $900s, ($1130 CDN) according to HUD’s 2021 statistics. Contrast this to Hamilton where a 90-year-old walk-up in a seedy neighbourhood is fumigated, renovated and put back on the market at between $1,500 to $1,800 per unit.