Real Estate

Community Development Partners Opens Renovated Affordable Housing in Las Vegas

NEWPORT BEACH, Calif., March 26: Community Development Partners and BLVD Capital will host a grand opening celebration for Baltimore Gardens and Cleveland Gardens Apartments on Tuesday, March 27, 2018 at 11am.

The Baltimore and Cleveland Gardens project is a 201-unit, family development for households earning up to 60 percent of the area median income (AMI). The ribbon cutting will take place at 316 West Baltimore Ave in Las Vegas, NV, and will feature the following speakers:

City of Las Vegas Acting Director of the Office of Community Services, Kathi Thomas-Gibson
Nevada Housing Division Deputy Administrator, Tim Whitright
Community Development Partners CEO, Eric Paine

Baltimore Gardens and Cleveland Gardens Apartments are the newest projects to join Community Development Partners’ expanding portfolio of life-enriching, affordable communities.

Located in close proximity at 316 West Baltimore Ave and 311 Cleveland Ave, the two rehabilitated apartment complexes consist of 201 units throughout 21 buildings constructed between 1958 and 1960. All units receive Section 8 rental assistance. Extensive upgrades were made to update building systems and exteriors and water efficient landscaping was installed. Interiors were updated to include new flooring, paint, cabinets, countertops, and energy efficient windows and appliances. Renovations were designed by Integrated Design & Architecture, constructed by Precision General Contractors, with property management by Cornerstone Residential.

Eric Paine, CEO of Community Development Partners, the project’s developer, says, "These renovations will elevate living conditions, improve energy efficiency, and increase security. These changes go beyond simply providing quality, affordable housing; they help create a healthy and engaged neighborhood."

The $27 million project financing for Baltimore and Cleveland Gardens includes tax-exempt bonds issued by the Nevada Housing Division (NHD) and equity from the sale of non-competitive 4% Low Income Housing Tax Credits, as well as HOME funds from the City of Las Vegas. HOME is the largest Federal block grant to state and local governments exclusively to create affordable housing.

— PRN (11 days ago)

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