State closes bond issue for Silver Pines complex

The Nevada Housing Division has closed an $11.8 million bond issue for the financing of Silver Pines Apartments, a 200-unit rental, multi-family residential complex for the state's low- to moderate-income families and individuals.

Silver Pines will be built at the northeast corner of Russell Road and Hollywood Boulevard in unincorporated Clark County.

Monthly rental rates will range from $484 to $590 for one-bedroom units, $583 to $710 for two-bedroom units, and $671 to $818 for three-bedroom units.

Nevada Housing Division bonds, low income housing tax credits, and HOME funds from Clark County are financing the project. Fannie Mae is guarantor on the bond with Nevada State Bank providing the construction loan.

One hundred eighty-nine units will be reserved for tenant households with incomes equal to or less than 60 percent of area median income, and 11 units will be reserved for households with incomes equal to or less than 50 percent of median income. In addition, 15 percent of the units will be leased to people age 55 and older.

The property is being developed by Handmark Enterprises LLC, whose members are HAND Enterprises Inc., a Nevada nonprofit corporation and an affiliate of Nevada H.A.N.D., Inc.; and the Schnippel Family Trust.

The property will be managed by HAND Property Management Co., an affiliate of Nevada H.A.N.D. Inc., which will support on-site management with social services from the community, such as a computer room and after-school programs.

Pre-leasing starts in September. The complex is scheduled to open in January 2003.

For more information, call Mark Licea of the Housing Division at 486-7220, ext. 226.

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