State agency announces bond closures

The Nevada Department of Business and Industry Housing Division announced the closing of $19.12 million in bond issues for the financing of 379 residential multifamily units.

Los Pecos Senior Apartments will provide 192 units for people age 55 and older, while Sunset Canyon Apartments will provide 187 units for families. Both complexes will be located in unincorporated Clark County and will provide housing for Nevadans whose income is 60 percent of the median area income.

Los Pecos Senior Apartments' bond issue of $8.8 million will provide 132 one-bedroom units and 60 two-bedroom units with monthly rental rates averaging $579 and $696, respectively.

Common amenities will include a recreation center with a computer and library room, exercise room, lounge and kitchen, as well as an outdoor pool and spa.

The complex will be built on a 10.6 acres at Pecos and Oquendo roads. Construction is expected to start this month, and will be completed by December 2003.

GSL Properties, a New Mexico corporation, will manage the property.

The Housing Division's second multifamily bond closing of $10.32 million was for Sunset Canyon Apartments, a bond/low income housing tax credit project.

Sunset Canyon will provide 96 two-bedroom units and 91 three-bedroom units. Rents will range from $568 to $695 a month for the two-bedroom units, and from $658 to $805 for the three-bedroom size. The project will consist of 14 buildings on 10.39 acres at the southeast corner of Sunset Road and Grand Canyon Drive.

Construction is expected to start this week, with an anticipated completion date in December 2003.

The complex will be managed by Las Vegas-based Fore Property Co.

Both of these bond closing borrowers have agreed to the Housing Division's weatherization and energy-efficiency requirements for new construction. These standards include Energy Star-rated appliances and laundry facilities, reversible ceiling fans, programmable thermostats, water heaters, and heating and air-conditioning systems.

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