The Nevada Board of Finance today approved issuing $20 million in revenue bonds to build 168 apartment units for low-income families in Las Vegas, the Las Vegas Sun reports.
Construction will start in August at a 13-acre site near Lamb Boulevard and Bonanza Road according to David Paull, director of real estate development for Nevada Housing and Neighborhood Development. Construction should take 12 to 18 months.
The bonds will be repaid through rental income, with rents $500 to $700 a month for a two-bedroom unit. Applicants will be accepted on a first-come, first-served basis, Paull said.
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The development as planned will include a swimming pool, a fitness room, a library, a movie room, a dog park and a playground.
