Ovation Design & Development, a local multifamily housing developer, held the grand opening of Arioso, a 195-unit affordable rental community for qualified low-income seniors in southwest Las Vegas.
The complex is part of Ovation’s commitment to provide high-quality living centers, complete with recreational and resident service components, for low-income seniors, many of whom are on fixed incomes.

Ovation founder Alan Molasky was joined by Gov. Steve Sisolak and Clark County Commissioner Justin Jones to celebrate the opening and use the occasion to discuss the need for a concerted plan to address the growing shortage of housing options for low-income seniors and working families.

“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well-documented,” Molasky said. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Clark County, local municipalities and the state of Nevada have made it a priority to meet this challenge. “I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” Sisolak said. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

“As a county, we have been focused on helping to facilitate and fund the construction and rehabilitation of affordable housing in our community, and this need has significantly increased over the last year,” said Jones, who represents the Arioso location. “Affordability is incredibly important to those on a fixed income, and Arioso provides a safe, spacious and most importantly, affordable place to live.”

“As a community, we need to work together to address our housing challenges, and Arioso represents the exceptional work we can do when all partners: HUD, the state of Nevada Housing Division, Ovation Design &Development and Coordinated Living of Southern Nevada work together to help serve some of our most vulnerable residents,” Jones said. Arioso was made possible partly from $1.5 million in HUD HOME Investment Partnerships program funds, which were provided to this development by Clark County.

Arioso is one of 13 affordable senior housing communities built and managed by Ovation, totaling nearly 1,900 units, with more projected for the future. The Energy Star-rated community includes one- and two-bedroom units and featuring a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities.

Onsite supportive services also are provided on an ongoing basis, such as health and wellness workshops, exercise and nutrition courses, social outings and community events, and transportation assistance provided by community partners with Coordinated Living of Southern Nevada, a nonprofit organization managing resident services at multiple communities where low-income Nevada seniors can age in place with choice, dignity and self-fulfillment.

“With rents continuing to escalate, our seniors have limited access and options for affordable housing,” said B.J. Wright, executive director of Coordinated Living of Southern Nevada. “Ovation, in partnership with Coordinated Living of Southern Nevada, continues to pave the way in demonstrating senior housing can be both beautiful and affordable. These buildings provide a safe and comfortable home, connect residents with needed services and give them a sense of dignity and community.”

Financing for Arioso included the use of tax-exempt bonds issued by the Nevada Housing Division, equity from the sale of non-competitive 4 percent low income housing tax credits, HOME Investment from Clark County and Growing Affordable Housing Program (GAHP) funds designed to help create innovative quality affordable housing opportunities.

“Wells Fargo would like to congratulate Ovation on the completion of another successful 195-unit, senior affordable housing apartment project,” said Paul Buckland, managing director in Wells Fargo’s Community Lending &Investment group. “We are proud to work with Ovation to create an affordable and attractive place for seniors to call home. The team’s values align with ours and this project is an example of private and public sectors working together to achievable affordable housing goals in Nevada.”

“Rising land prices and the rapid escalation in the cost of construction have made it virtually impossible to build affordable housing opportunities without incentives and creative finance programs to support them,” Molasky said. “Ovation is proud to be a part of the affordable housing community in Southern Nevada where all levels of federal, state and local governments collaborate with private for profit and nonprofit organizations to build housing that serves this critical need.”
​
Arioso is at 9270 Quarterhorse Lane. For leasing or information, visit seniorlasvegasliving.com or call 702-990-2678.

Source: Las Vegas Review Journal

Ovation Design & Development, a local multi-family housing developer, held the grand opening of Arioso, a 195-unit affordable rental community for qualified low-income seniors in the southwest Las Vegas valley. The complex is part of Ovation’s commitment to provide high-quality living centers, complete with recreational and resident service components, for low-income seniors, many of whom are on fixed incomes.

Ovation founder Alan Molasky was joined by Governor Steve Sisolak, and Clark County Commissioner Justin Jones to celebrate the opening and to use the occasion to discuss the need for a concerted plan to address the growing shortage of housing options for low-income seniors and working families.
​
“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well documented,” said Molasky. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Clark County, local municipalities and the State of Nevada have made it a priority to meet this challenge.“I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” said Governor Steve Sisolak. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

“As a County, we have been very focused on helping to facilitate and fund the construction and rehabilitation of affordable housing in our community, and this need has significantly increased over the last year,” said Clark County Commissioner Justin Jones, who represents the area where the facility is located.  “Affordability is incredibly important to those residents who live on a fixed income, and the Arioso Senior Apartments will provide a safe, spacious, and most importantly, affordable place to live.”

“As a community, we need to work together to address our housing challenges, and the Arioso Senior Apartments represent the exceptional work we can do when all partners such as HUD, the State of Nevada Housing Division, Ovation Design & Development and Coordinated Living of Southern Nevada work together to help serve some of our most vulnerable residents,” said Jones. The new building was made possible partly from $1.5 million in HUD HOME Investment Partnerships program funds, which were provided to this development by Clark County.

The Arioso senior community is one of 13 affordable senior housing communities built and managed by Ovation, totaling nearly 1900 units, with more projected for the future. The EnergyStar-rated community includes one and two bedroom units and featuring a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities.

Onsite supportive services also will be provided on an ongoing basis, such as health and wellness workshops, exercise and nutrition courses, social outings and community events, as well as transportation assistance provided by community partners in conjunction with Coordinated Living of Southern Nevada, a non-profit organization that manages resident services at multiple communities where low-income Nevada seniors can age in place with choice, dignity and self-fulfillment.

“With rents continuing to escalate, our seniors have limited access and options for affordable housing,” said B.J. Wright, Executive Director of Coordinated Living of Southern Nevada.  “Ovation Properties, in partnership with Coordinated Living of Southern Nevada, continue to pave the way in demonstrating senior housing can be both beautiful and affordable.  These buildings not only provide a safe and comfortable home, but also connect residents with needed services and give them a sense of dignity and community.”

Financing for Arioso included the use of tax-exempt bonds issued by the Nevada Housing Division, equity from the sale of non-competitive 4% Low Income Housing Tax Credits, HOME Investment from Clark County and Growing Affordable Housing Program (GAHP) funds designed to help create innovative quality affordable housing opportunities. “Wells Fargo would like to congratulate Ovation Affordable Housing on the completion of another successful 195 unit, senior affordable housing apartment project,” said Paul Buckland, managing director in Wells Fargo’s Community Lending & Investment group. “We are proud to work with Ovation to create an affordable and attractive place for seniors to call home. The team’s values align with ours and this project is an example of private and public sectors working together to achievable affordable housing goals in Nevada.”

“Rising land prices and the rapid escalation in the cost of construction have made it virtually impossible to build affordable housing opportunities without incentives and creative finance programs to support them,” said Molasky. “Ovation is proud to be a part of the affordable housing community in Southern Nevada where all levels of federal, state and local governments collaborate with private for profit and non-profit organizations to build housing that serves this critical need.”

Arioso is located at 9270 Quarterhorse Lane. For leasing or information, visit
www.seniorlasvegasliving.com or call 702-990-2678.

About Ovation Design & Develpment and Coordinated Living of Southern Nevada, Inc.

Ovation Design & Development (Ovation) was founded by Alan Molasky in 1984 to meet increased demand in southern Nevada for high-quality rental housing developments. In 2012, Ovation completed its first tax credit senior apartment community for low-income seniors who are at or below 60% of HUD Area Median Income levels. Since then, the company has completed 12 additional low-income housing communities, totaling nearly 1900 units, with more projected for the future. For these communities, Ovation partners with Coordinated Living of Southern Nevada, Inc., a nonprofit organization that works with community partners to offer an on-site activities and services program, free to residents, including nutrition assistance, transportation, health screening and community events. For information, visit www.ovationdev.com or www.seniorlasvegasliving.com or call 702-990-2678.

​Source: Nevada Business Magazine

A Las Vegas developer has opened an affordable housing complex amid fast-rising rents and concerns over Southern Nevadans’ ability to keep up with the higher payments.

Ovation Design & Development held a grand opening Thursday for Arioso, a 195-unit apartment complex in the southwest valley for low-income seniors. One-bedroom units start at $921 per month, two-bedrooms start at $1,105, and the rents include utilities, Ovation’s website indicates.

By comparison, the typical rental rate in the Las Vegas area as of April was $1,851, listing site Zillow reported. Las Vegas’ rents were up 21.3 percent from a year earlier, compared with a 16.4 percent jump nationally.

Nevada has long faced a need for more affordable housing units, an issue that has only been amplified lately during Las Vegas’ housing boom. Strong demand, tight supply and rapid price increases for buyers and renters alike have made it more difficult and more expensive to land a place to live in the Las Vegas Valley over the past year or two.

Gov. Steve Sisolak said at Thursday’s event that affordable housing is of “utmost concern” to him and that Ovation’s project puts a dent in the need for such units.

“We’ve got a long way to go,” Sisolak said.

Construction of Arioso finished in October, and the four-story project, along Blue Diamond Road near Fort Apache Road, is fully leased and has a waiting list, project manager Jess Molasky said.

Nevada, with the bulk of its population in the Las Vegas Valley, has an estimated shortage of 79,835 affordable and available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.

Sisolak’s administration has launched a $500 million program to boost affordable housing in the state. The initiative, Home Means Nevada, is designed to fund multifamily development and rehabilitation and to help homeowners.

It marks the “largest single investment in affordable housing” in state history, the governor’s office previously said.

At a kick-off event for the program in April, Congressman Steven Horsford, D-Nev., said affordable housing is a “real crisis right now.”

He pointed to Las Vegas’ “astounding” rent hikes, saying too many people are left “wondering what will happen if they can no longer afford these rapidly escalating rents.”

Arioso, for one, has drawn such tenants as 62-year-old Maria Del Carmen Palacios, who moved there in April.

Palacios said her rent costs $1,063 and that she collects her late husband’s pension, earns extra money as a school crossing guard and gets help from family, too.

She had been living with her daughter and said she had trouble sleeping when she learned one-bedroom apartments in the area would cost $1,600 a month, not including bills.

“It feels good to live in a place like this,” she said.
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Source: Las Vegas Review Journal

LAS VEGAS, Nev. (FOX5) - State officials, advocates and developers continue to find solutions to solve Nevada’s housing crisis and the impact on seniors.

The Nevada Housing Coalition estimates the state lacks 85,000 homes for those with extremely low incomes.

Nevada’s housing shortage means there are 18 units for every 100 people searching for a affordable home. In Las Vegas, the number shrinks to 13 units for every 100 people searching for a rental.

From approximately 25,000 Nevada seniors in that income bracket, the organization estimates that 81% of them spend more than half of their income on rent.

“What that means is they’re at high risk of homelessness,” said Christine Hess with the Nevada Housing Coalition. “What that means is they’re probably compromising what they’re spending for their health care. They may or may not have internet service. That’s how you access resources. Something’s got to give in your household budget, when you pay more than half of your income on housing costs and on rent,” she said.

Governor Steve Sisolak said the Home Means Nevada Initiative has $500 million earmarked for projects, and 200 developers have applied. Clark County has set aside $180 million for projects as well.

Thursday’s opening of the 195-unit Arioso Apartments for senior affordable housing in the Southwest valley is one of the new developments meant to solve to the crisis.

“It was actually full before we opened. We had about 350 people on the waitlist,” said project manager Jess Molasky. “We’re building another one right up the street. That should be done early next year. So we’re bringing more of these on the market every every year, and the demand is there,” he said.
Later this month, the Nevada Housing Coalition will host a policy forum in Reno and Las Vegas on ways to solve the housing crisis.
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