Nevada’s biggest affordable-housing developer has torn down a rental complex in downtown Las Vegas and is replacing it with a new one.
In a roughly $20 million development, Nevada HAND is building a four-story, 51-unit property for low-income residents at the northeast corner of Ogden Avenue and Maryland Parkway.
The complex, Ogden Pines, is slated to open next year and feature energy-efficient appliances, a community room, fitness room, and secured building access, according to the developer.
Nevada HAND is building the project after it demolished a 39-unit property at the same location, 1200 E. Ogden Ave.
With the bulk of its population in the Las Vegas area, Nevada has long faced a steep shortage of affordable housing units.
Early last year, the Kenny Guinn Center for Policy Priorities reported that Nevada was grappling with a “severe housing affordability crisis,” as nearly half of the state’s renters were “excessively cost-burdened” and income growth had “lagged far behind housing costs.”
Waldon Swenson, vice president of corporate affairs at Nevada HAND, said in a recent interview that redeveloping the complex on Ogden ultimately made more sense than patchwork and repairs, adding it lets the firm build more homes with modern systems.
Overall, he said that Nevada HAND operates 5,400 units, all in Southern Nevada, and that the vacancy rate is minimal.
“There’s tremendous need,” he said.
The Ogden Pines project is backed by financing from the Nevada Housing Division, Clark County, the city of Las Vegas, California Bank & Trust, and other sources, the developer previously said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.