Low-income apartments at Sky-Vue site get $100,000

Tuesday, Jan. 13, 2009 | 12:09 p.m.

Nevada H.A.N.D.

Banking giant Citigroup is assisting in efforts to create a much-needed low-income apartment complex near downtown Las Vegas.

Citigroup and Citibank's Citi Foundation today announced a Las Vegas nonprofit organization is one of 20 groups in urban communities across the country to receive funding for development and rehabilitation projects that revitalize low- and moderate-income communities.

The Las Vegas nonprofit, Nevada H.A.N.D., is receiving $100,000 from Citi to help pay for predevelopment costs for a 145-unit apartment complex it plans to build on West Owens Avenue at the site of the former Sky-Vue Mobile Home Park.

Sky-Vue was closed and evacuated by the city of Las Vegas in 2004 for code violations after health and safety inspectors found leaking sewer pipes, unsanitary water, faulty wiring and a lack of fire hydrants. The mobile homes were moved off the park and the land now sits empty.

Mike Mullin, president of Nevada H.A.N.D., said construction of the new apartments has been delayed by problems in gaining financing in the tax-exempt bond market.

The economic meltdown on Wall Street has slowed the issuance of tax-exempt bonds, but Mullin hopes the situation improves so financing can be lined up and construction can get under way this year.

Besides the $100,000 from Citi, Nevada H.A.N.D. has received grants of $1 million apiece from the city of Las Vegas and Clark County for the $22 million apartment project, Mullin said.

"We're grateful for the early funding from Citibank, which helps us finance predevelopment costs," he said.

Mullin said that with the local economy in a recession, there's tremendous demand for low-income rental housing.

"It's a huge need and it's getting worse because people are losing their jobs," he said.

Nevada H.A.N.D. now operates 22 low-income housing projects with about 2,400 units.

Discussion: 2 comments so far…

By vc

1/13/09 at 1:56 p.m.

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This seams absurd to me. $22 Million dollars to build a 145 unit apartment complex. Thats over $150,000 dollars per unit. I guess each unit has real wood cabinetry and Granite countertops. What a waste.
By LasVegas2009

1/13/09 at 6:41 p.m.

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WOW My house only cost $80,000 it was built in 2004 has 3 bd and 2 & 1/2 baths with a garage and its two floors. I bought last Oct. So why do they need to build low income housing for $150,000 each apartment when we got all these foreclosures all over town? Why dont they just take that $22 million and start buying up these foreclosures while the market is down?

VC:you are right its all a big waste!