A groundbreaking affordable housing initiative is set to launch in east Las Vegas, marking a significant milestone for the state.
The Nevada State Infrastructure Bank’s board of directors has given the green light for $25 million to support the initial phase of the Desert Pines Redevelopment Project in Las Vegas. The Desert Pines Golf Club, now under the ownership of Las Vegas, is set to undergo a significant transformation into a budget-friendly master-planned community.
A new community is set to emerge near East Bonanza Road and North Pecos Road, focusing on enhancing the lives of residents in East Las Vegas.
The project encompasses a total of 1,082 affordable multifamily housing units, alongside 280 market-rate single-family housing units. It will feature a community center spanning 10,000 square feet, an early education center of the same size, a job training center measuring 30,000 square feet, and 75,000 square feet dedicated to commercial space.
Developers are considering a “rent to own” option for the homes, allowing residents the chance to transition into homeowners.
A $25 million loan will be provided by the bank to nonprofit Urban Strategies, collaborating with developer McCormack Baron Salazar for the initial infrastructure financing.
The initiative will collaborate with the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust, and the Southern Nevada Building Trades Unions. The initial phase is projected to cost $57.3 million, while the overall expenses are anticipated to reach $450 million.