State closes bond issue

The Nevada Department of Business and Industry Housing Division has closed a $14.4 million bond issue for the financing of Glenbrook Terrace Apartments in North Las Vegas.

The project consists of 272 multifamily residential rental units to be built on 15.48 acres at the southwest corner of McCarran Street and Rome Boulevard.

In addition to the bond issue, Glenbrook Terrace will receive from the Housing Division Low Income Housing Tax Credit and HOME funds. An additional $480,000 will be received from the city of North Las Vegas through the Low Income Housing Trust Fund Program.

The project will be developed and managed by Fore Property Co. and provide housing for those persons whose incomes are 60 percent of the area's adjusted median gross income. The project consists of one-, two- and three-bedroom units with monthly rents ranging from $579 to $805. Construction is expected to begin in May 2004, with an anticipated completion date of May 2005.

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