Mountain Senior Apartments, please
contact Lorri Murphy at 702-990-2335.
FOR IMMEDIATE RELEASE
TAX CREDITS FINANCE NEW
AFFORDABLE SENIOR APARTMENTS IN LAS VEGAS
April 23, 2012- Ovation Development Corporation and Silver Sage Manor, Inc. are please to announce the groundbreaking for Lone Mountain Senior Apartments, a new 75-unit mixed-income senior rental development being constructed on the southeast corner of Rainbow Boulevard and Lone Mountain Road in the northwest part of the city of Las Vegas.
The groundbreaking will take place Thursday, May 3rd at 10:00 a.m. at the project site, 4652 N Rainbow Blvd. Taking part in the ceremony will be Las Vegas City Councilman Steven D. Ross as well as representatives from the Department of Housing and Urban Development (HUD), Nevada Department of Business and Industry, Housing Division, Wells Fargo Bank, and other public and private funders.
Lone Mountain Senior Apartments will meet a growing need in the Las Vegas Valley for barrier-free and affordable supportive senior housing serving residents age 55 and above. 65 units will be income-restricted, affordable to seniors at or below 40% of area median income, with all utilities included. The remaining 10 market rate units will allow Lone Mountain to serve a broader income range of senior households. Lone Mountain Senior Apartments will employ a full-time Resident Services Coordinator, who will assist residents with remaining financially and physically self-sufficient.
The attractive three-story residence will include 45 one-bedroom units and 30 two-bedroom units. Lone mountain will include a swimming pool and spa, facilities for meetings and social gatherings, a game area, exercise room, and a common area kitchen available for residents’ use during social events. The building will include high efficiency heating and cooling equipment, EnergyStar appliances and photovoltaic solar generation that will offset more than 10.0% of projected electrical consumption.
The $10.7 million project will create an estimated 200 construction jobs over the next year and 3 permanent jobs. More than eighty percent of the financing for Lone Mountain Senior Apartments comes from a competitive award of Federal Low-Income Housing Tax Credits, administered by the Nevada Department of Business and Industry, Housing Division, and purchased by Wells Fargo Affordable Housing Community Development Corporation. Additional project financing comes from Wells Fargo Bank, the U.S. Department of Housing and Urban Development and the City of Las Vegas Department of Economic and Urban Development. Created by the Tax Reform Act of 1986, the Low-Income Housing Tax Credit is the most important resource today for creating affordable housing in the United States. Since 1987, the tax credit has financed an estimated 33,777 housing projects and over 2.2 million housing units across the nation.
The Apartments is being co-developed by Ovation Development Corporation, which is an affiliate of The Molasky Group of Companies, and Silver Sage Manor, Inc., a 20-year old Nevada non-profit organization. Ovation and Silver Sage also partnered on the development of Acapella, a 142-unit new construction affordable senior community located at 5025 East Mohave Avenue at Nellis Boulevard, which opens this month.
Since 1984, Ovation and its Founder, Alan Molasky, have built 26 apartment communities in the Las Vegas area comprising 7,324 units valued in excess of one billion dollars. These developments are considered to be the premiere apartment communities in Las Vegas. The Molasky Group of Companies is a diversified group or real estate companies responsible for much of the Las Vegas’ current skyline.
Silver Sage Manor, Inc. is a non-profit 501(c)(3) corporation founded in 1991 whose mission is “to serve the needs of seniors by developing high-quality affordable housing.” To date, Silver Sage Manor, Inc. has sponsored the creation of 582 affordable rental units in 14 developments across Nevada.
Lone Mountain will be professionally managed by Horizon Las Vegas Property Management, which specializes in tax credit properties and has an outstanding record of compliance.
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