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Mixed Finance Public Housing

 

About Mixed-Finance Public Housing

Mixed-Finance public housing allows HUD to mix public, private, and non-profit funds to develop and operate housing developments. New developments may be made up of a variety of housing types: rental, homeownership, private, subsidized, and public housing. These new communities are built for residents with a wide range of incomes, and are designed to fit into the surrounding community..

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SNRHA Mixed-Finance Properties Complete
Archie Grant Park

Otto Merida Desert Villas
Otto Merida Desert Villas sits on approximately 8 acres and consists of the new construction of 60 spacious, detached, single family and duplex rental units each with its own garage. The Development includes a playground, water spray play area, picnic and barbeque areas and a community building containing a large multi-purpose room, kitchen, classroom, computer lab and space for management and supportive services staff. The low-density design mirrors ownership housing in the surrounding neighborhood and redefines the image of public housing in Las Vegas. Following the best practices of New Urbanism and defensible space design, all of the units have front doors and porches oriented to the street. Landscaped walkways and patios connect most of the units at the rear.

Otto Merida Desert Villas is the first public housing preservation venture by the SNRHA through the former Housing Authority of the City of Las Vegas (HACLV) and its non-profit subsidiary, Affordable Housing Program, Inc.

In late 2004 the former HACLV submitted a Mixed-Finance proposal to HUD for the new construction of 60 public housing units at the former Ernie Cragin Terrace family public housing site (NV211). The financials closed in March 2006 and construction completed in July 2007. The SNRHA self-developed this project.

The project financing for Otto Merida Desert Villas included equity from the sale of 9% Low Income Housing Tax Credits issued through the Nevada Housing Division, non-public housing and public housing capital funds from HACLV and Federal Home Loan Bank of San Francisco Affordable Housing Program (AHP) funds, sponsored by Bank of Nevada.

As incentive public housing Otto Merida Desert Villas offers intensive programming and supportive services to assist families on the road to economic self-sufficiency, specifically for our public housing residents who are working, going to school or taking part in other economic self-sufficiency programs.


Archie Grant Park

Vera Johnson B
Vera Johnson Manor "B" Mixed-Finance project entails the acquisition / rehabilitation of an existing 112-unit low-income family development located in Las Vegas, NV. The property was constructed in 1984 under the Federal Low-Income Public Housing program and is owned and operated by the Southern Nevada Regional Housing Authority (SNRHA). The property was awarded $1MIL in 2014 9% Low Income Housing Tax Credits and $1MIL in HOME Funds for its substantial rehabilitation.

The SNRHA submitted December 2013 a RAD application for Vera Johnson Manor B (AMP 314) anticipating a Conditional Housing Assistance Payment (CHAP) agreement issuance by January 2014. However; the CHAP was received April 2015. In an effort to preserve the HOME Funds and Tax Credit Allocations, the SNRHA proceeded with a Mixed Finance Proposal as an Interim Plan for closing mid-April, 2015. Construction was completed May 2016 with a RAD conversion anticipated October 2016. The SNRHA is partnering with Nevada HAND for this project

Vera Johnson Manor B is the fourth public housing preservation venture by the SNRHA and its non-profit subsidiary, Affordable Housing Program, Inc.

The project financing for Vera Johnson Manor B includes equity from the sale of 9% Low Income Housing Tax Credits issued through the Nevada Housing Division, public housing capital funds from SNRHA and HOME funds from City of Las Vegas.

The property renovations included comprehensive modernization of all 112 family units [104 Public Housing Units plus 8 HOME Units] and complete site upgrades. The comprehensive modernization work included high energy-efficiency standards, high efficiency heating and cooling equipment, EnergyStar appliances, low-E argon thermal pane windows, high R- value wall and attic insulation, ceiling fans, and automatic timer thermostat controls. The development also promotes water conservation with extensive xeriscaping landscape. The work also included the construction of a new single story community/administrative building containing a large multi-purpose room and warming kitchen, classrooms, a computer lab, a library/reading room, leasing office, and space for supportive service providers where the SNRHA and local service organizations will provide a variety of programs to residents such as after-school activities for youth, financial literacy, and resource referrals to nutrition and wellness programs.

Archie Grant Park

Vera Johnson A
Vera Johnson Manor "A" Mixed-Finance project entails the acquisition / rehabilitation of an existing 76-unit low-income family development located in Las Vegas, NV. The property was constructed in 1984 under the Federal Low-Income Public Housing program and is owned and operated by the Southern Nevada Regional Housing Authority (SNRHA). The property was recently awarded $790,000 in 2016 9% Low Income Housing Tax Credits for its substantial rehabilitation.

Vera Johnson Manor "A" is the sixth public housing preservation venture by the SNRHA and its non-profit subsidiary, Affordable Housing Program, Inc.

Before September 2016 the SNRHA will be submitting a Mixed-Finance application to HUD for Vera Johnson Manor "A". The financial closing is anticipated early 2017 with construction completion early 2018. The SNRHA is self-developing this project.

The project financing for Vera Johnson Manor "A" includes equity from the sale of 9% Low Income Housing Tax Credits issued through the Nevada Housing Division and public housing capital funds from SNRHA.

The property renovations include comprehensive modernization of all 76 family units and complete site upgrades. The renovation work includes high energy-efficiency standards, as well as, water conservation measures in the units and site with extensive xeriscaping landscape. The work also includes upgrades to their community/administrative building which contains a multi-purpose room and warming kitchen, a computer lab, a library/reading area, exercise room, leasing office. The administrative building also contains space where the SNRHA and local supportive service organizations will provide a variety of programs to residents such as after-school activities for youth, financial literacy, resource referrals to nutrition / wellness programs and to promote self-sufficiency. .






 

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