Bonds approved for LV housing

Thursday, Oct. 24, 2002 | 11 a.m.

CARSON CITY -- The state Board of Finance today approved nearly $33 million in housing bonds for new or refurbished apartments in Clark County for low- to moderate-income families.

The board agreed to $11 million in revenue bonds for developer Walter "Skip" Grodahl III to build 192 units at the Los Pecos Senior Apartments Project located on Los Pecos between Patrick Lane and Russell Road.

Seniors who are 55 years and older and who earn 60 percent or less of the median income will qualify. Rents will be no higher than one-third of the income of the family.

Charles L. Horsey III, administrator of the state Housing Division, said Grodahl has developed a number of similar projects in Oregon and has a good reputation.

The second project calls for purchase and rehabilitation of an existing apartment complex on Arville Street and Pennwood Avenue by Harry Brandise of Henderson. Lon DeWeese, chief financial officer for the housing division, said the buildings are 12 to 14 years old and would be extensively rehabilitated, including spending $900,000 for weatherization and energy savings.

Called the Wood Creek Apartments Project, the 232 units would be for families. Horsey said the project was located in an area that is rundown and would help spruce up the area.

The third project to be financed from $12.9 million in bonds calls for 187 units of 2, 3 or 4 bedrooms on Interstate 215 and Fort Apache. It would be developed by Richard Fore, who has been involved in 10 similar projects in the past. It would also be for families.

Families wanting to get into the two projects would qualify if they earn 60 percent or less of the median income. Rents would be no higher than one-third of the income.

Horsey told the board that 36,000 families in Nevada "live in something we financed."