A proposed 269-unit new construction build located at the intersection of North Las Vegas Boulevard and Hamilton, North Las Vegas, Nevada. Rental units will be marketed to families earning 60% or less than AMFI. The project financing is based upon allocation of 4% LIHTC money of $3.1MM in annual credits, NLV HOME Money of $1.4MM, $7.5MM from the Affordable Housing fund, and $1.4MM in State GAHP money.
RISE is the fee developer, contractor, property manager, and long-term owner of the development. Construction financing was provided by a Perm Bond in the amount of $16MM. R4 Capital Funding is scheduled to purchase $34MM of the tax-exempt bonds. R4 will provide an equity investment of approximately $27.2MM in exchange for the right to receive 99.99% of the tax benefits available to the Project, including the 4% low-income housing tax credits.