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.