Las Vegas Affordable Housing In Place Of First Wonder World
Las Vegas lawmakers have agreed to sell 5.5 acres of vacant land for $1 to an affordable housing developer with plans to construct 144 units as the city faces a major shortage of such dwellings.
The City Council voted 6-1 to approve the development agreement with Community Development Programs Center of Nevada, Inc., a Las Vegas-based company that has built affordable housing in the valley for more than two decades. Councilwoman Victoria Seaman voted no.
“The need for affordable housing should be self-evident,” said Bill Arent, the city’s director of economic and urban development. “There’s huge need that is unmet in our community.”
Home prices are on the rise and Nevada had the largest shortage of affordable housing in the country, according to a 2019 study, and the city averages about 1,000 new units annually. Lisa Morris Hibbler, the city’s chief community services officer, said there is an estimated need for 66,000 to 73,000 more units just in Las Vegas and the figure has grown since the pandemic.
The project, which would be constructed at 1501 N. Decatur Blvd. in the near northwest part of the city, is scheduled to be done in two phases and completed by 2024. It consists of two four-story buildings and a central clubhouse, according to city documents, and would offer one- to two-bedroom units to people earning between 40 to 65 percent of the area median income. Community Development Programs Center of Nevada has 18 months to secure funding, close on the purchase and begin the first phase.