Ovation Design & Development Celebrated Grand Opening of Arioso Affordable Senior Apartment Complex — Governor Steve Sisolak and County Commissioner Justin Jones Joined Developers and Finance Leaders to Promote Affordable Housing Solutions --
This is Ovation and Coordinated Living's 12th affordable housing project. Praxis has assisted Ovation since 2010.
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
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