Phase: III Securing Funding
Allegiance Apartments is a new construction project located in Paradise, Nevada, an unincorporated town adjacent to Las Vegas. Although Paradise shares a Las Vegas mailing address, it is distinct from the City of Las Vegas. The development will feature 50 units, including a mix of one- and two-bedroom apartments (plus one manager’s unit), and will include essential community spaces. Designed with a focus on serving veterans, the building will also offer supportive social services for all residents. Accessible Space, Inc. (“ASI”) is spearheading the project as the sponsor, property manager, and service provider.
Units will be available to residents earning 30%, 40%, 50%, and 60% of Area Median Income (AMI) and will be fully subsidized with 24 units receiving project-based Section 8 vouchers and 25 units allocated HUD VASH vouchers. The project will also include special set-asides for individuals experiencing homelessness, persons with disabilities, and seniors.
The development will utilize a diverse array of funding sources, including 9% Low-Income Housing Tax Credit (LIHTC) equity, a sponsor loan from ASI, cash flow contingent loans, and a deferred developer fee. The project has pending applications for additional funding to further support its financial stability, including a proposed 12% increase in LIHTC allocation, $490,000 in Affordable Housing Program (AHP) funds, and an additional $600,000 in housing trust funds.
Located approximately 3.7 miles east of the Las Vegas Strip, Allegiance Apartments benefits from a neighborhood that, while characterized by a mix of residential and commercial properties, remains one of the safer areas in Las Vegas with below-average crime rates. Security measures will be in place to ensure resident safety.
The building will be a new, two-story, wood frame construction, featuring one- and two-bedroom units equipped with standard appliances, air conditioning, and ceiling fans. Residents will enjoy a range of amenities, including a dining room, community rooms, a library, a computer lab, an exercise room, an indoor spa, and both indoor and outdoor recreational spaces with patios, barbeque areas, and walking paths.
Allegiance Apartments represents a critical step in Las Vegas’ effort to end veteran homelessness, offering a supportive and stable environment for its residents. ASI brings a wealth of experience in providing supportive services and affordable housing, enhancing its capacity to effectively manage and operate this new LIHTC development. Notably, the project will be free of hard debt, showcasing a strong financial structure and commitment to long-term sustainability.