A new affordable housing development is coming to North Las Vegas. On Monday, the city of North Las Vegas and its development partner Foresight Cos. officially break ground for Lake Mead West Apartments, a 156-unit condominium on 3300 Coran Lane near Lake Mead Boulevard and Simmons Street, directly across from Ollie Detwiler Elementary School.
“Quality, affordable housing is a pressing need in southern Nevada and Lake Mead West Apartments will be a much-needed community in northern Las Vegas,” said Hassan Chaudhry, director of Foresight Cos. and developer of Lake Mead West Apartments. “Creating a project that is a true public-private partnership for the benefit of our working families requires intensive collaboration between numerous agencies and institutions, but is well worth the hard work for the benefit of the community.”
Lake Mead West will be a gated community that offers new homes with the latest amenities and energy efficient equipment, plus a dog park, pool and BBQ area. It is anchored by a central community clubhouse with a meeting room and rooms for the services and amenities of the residents.
“As part of our partnership, Lake Mead West will not only provide affordable housing, but will also offer wrap around services that include access to affordable health care, larders of nutritious food, afternoon programs for students, social services, computer / internet work stations and one Children’s playground, ”said Chaudhry.
The project is 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 using a combination of Low Income Housing Tax Credits (LIHTC), a tax-exempt bond, a taxable bond, developer finance, HOME grants and GAHP (Growing Affordable Housing Program) funds to provide low-income households with high quality, affordable housing Housing at market rents.
One-, two- and three-room apartments are offered with rents below the market price exclusively for households with 50 percent and 60 percent area median income. Fair market rents (FMRs) in the region start at $ 900 for 2021, according to HUD stats.
“The need for affordable housing in this area is enormous, and meeting that need is a priority not just for me but for our entire city council,” said Pamela Goynes-Brown, North Las Vegas councilor who represents Ward 2 for North Las Vegas is looking for innovative solutions like this public-private partnership that our residents benefit from. With 156 units, Lake Mead West Apartments will be a welcome partner in meeting this important need in our community. “
Lake Mead West sits on 6.92 acres in Ward 2 of the city of North Las Vegas. It is directly adjacent to the Ollie Detwiler Elementary School and the nearby West Preparatory Academy and the Veteran’s Tribute Career & Technical Academy. It is also near major retailers like Wal-Mart and major employers.
Completion of the Lake Mead West Apartments is scheduled for spring 2023. More information is available at fscompanies.com.
Foresight is a Las Vegas-based, mission-driven housing developer committed to “Improving the Quality of Life through Housing.”
