Work is getting underway on 120 affordable apartments on the east side of the Las Vegas valley. Clark County officials and the developer broke ground Oct. 22 on Nellis Grove, near Nellis Boulevard and Vegas Valley Drive (via FOX5).
The developer is Chelsea Investment Corporation, a family-owned company, and this is its first affordable housing project in Nevada. Ryan Lundergan, the company's senior development manager, said at the event that the site will be "the future home for 120 affordable housing units here in Clark County."
Most of the apartments are aimed at households earning roughly half of the area median income or less. FOX5 reported rents will run from about $550 to $1,600 a month. Plans call for in-unit laundry, a clubhouse, a pool, a playground, a dog run and barbecue areas. Developers said the deal came together in under two years. No completion date or general contractor has been announced.
The money comes from several places. Clark County put in more than $10 million from its Community Housing Fund, and the project also draws on state affordable housing dollars, tax-exempt bonds and bank financing. A total project cost wasn't released.
The Community Housing Fund has become one of the main engines behind affordable apartments in Southern Nevada. The county launched it in spring 2022 through its Welcome Home program, using it as gap financing to fill the hole between federal Low-Income Housing Tax Credits and what a project actually costs to build. According to the county, commissioners have now approved nearly $250 million for 45 developments, both new construction and rehab, supporting about 5,300 affordable and attainable rental units.
That pipeline started with federal pandemic relief. In September 2022, the Nevada Current reported, commissioners approved nearly $120 million in American Rescue Plan Act money for 30 projects covering about 3,100 units, aimed at renters earning 50% to 60% of area median income. At the time, Southern Nevada was estimated to be short about 85,000 affordable units for extremely low- and very low-income residents.
Federal help beyond that isn't flowing yet. Asked about the new federal housing act, Commissioner Tick Segerblom told FOX5 it hasn't been funded, though he said the framework is in place if Congress adds money later.
Why it matters for Contractors
A 120-unit apartment community with a pool and clubhouse is a general contractor's job, but it still means months of work for site, concrete, framing, drywall, plumbing, HVAC, electrical, painting, flooring and landscaping subs. Once a GC is named, that's the company to get in front of.
Projects financed with tax credits, bonds and public gap money often come with extra paperwork, and some public funding sources carry prevailing wage or reporting requirements. Ask about those up front before you price your bid.
The bigger picture for Las Vegas-area trades: with 45 developments already approved through the county fund, affordable multifamily is a steady pipeline, not a one-off. Clark County's Welcome Home program posts funded projects on its website, which is a good place to spot the next ones.