Las Vegas council approves 97-lot northwest valley townhome project backed by a $10.5 million state housing loan

What happened

The Las Vegas City Council has approved plans for a 97-lot townhome project in the northwest valley, the Las Vegas Review-Journal reported. The developer is Prospect Street Capital, a Las Vegas-based firm founded by Scott Goldstein, who is also its managing partner.

According to a news release cited by the Review-Journal, the project carries a $33.4 million price tag and is supported by a $10.5 million low-interest loan from the state-run Nevada Attainable Housing Account. The Review-Journal reported that Goldstein hopes the more affordable townhouse complex will draw buyers, at a time when house hunters across Southern Nevada have pulled back from new subdivisions.

Details of the townhome project

Location and size

The site sits along the west side of the 215 Beltway between Ann Road and Centennial Parkway. Property records show Goldstein recently bought the roughly 5-acre parcel for $5.5 million, the Review-Journal reported. Plans call for three- and four-bedroom homes ranging from 1,359 to 1,518 square feet.

Pricing and buyer rules

Goldstein said the homes will be priced between $360,000 and $370,000. The news release said the state money helps offset development costs and is meant to make the homes more affordable for buyers. Homes bought through the program must be owner-occupied, according to the release.

Goldstein told the Review-Journal he sees a clear gap between the homes being sold in Southern Nevada and what buyers can afford. He said he expects to break ground in fall 2027. More coverage of local housing is collected on our real estate page.

Where the state money comes from

Assembly Bill 540

Gov. Joe Lombardo signed Assembly Bill 540, which created the attainable housing account, the Review-Journal reported. The legislation allocated $133 million to expand affordable housing options statewide. According to the Nevada Housing Division, the measure aims to support housing for low- and moderate-income households through new developments, homeownership opportunities and local government matching funds.

Another project using the fund

Prospect Street is not the only Southern Nevada developer tapping the account for for-sale homes. Las Vegas builder Signature Homes was awarded around $800,000 for down payment assistance at Paradise Trails, a new subdivision near Eastern and Twain avenues with 29 two-story single-family houses, the Review-Journal reported.

Signature President Rick Barron told the newspaper the funding works out to $27,500 in down payment support for each home. He said the assistance carries a 0 percent interest rate and is repaid when the buyer sells the home or refinances the mortgage. Other recent affordable housing efforts in the valley include Sunrise Ranch in Henderson.

Why it matters for buyers

Homebuilders in the Las Vegas Valley have been selling far fewer houses over the past few years as high prices and elevated mortgage rates have kept many would-be buyers out of the market, the Review-Journal reported. Builders closed 6,143 home sales in Southern Nevada this year through September, down 20 percent from the same nine-month period last year, according to Las Vegas-based Home Builders Research.

The pressure is not limited to Las Vegas. Lennar Corp. President and CEO Stuart Miller said in an earnings call that fewer families "can afford to both produce a down payment and qualify for a mortgage," the Review-Journal reported. Miller said that in many of Lennar's markets, nearly 50 percent of visitors to its project sites cannot immediately qualify for a loan.

What to watch next

• Prospect Street Capital expects to break ground on the 97-lot townhome project in fall 2027, according to Goldstein.
• The townhomes are planned to sell for $360,000 to $370,000 and must be owner-occupied under the state program.
• Signature Homes' Paradise Trails subdivision near Eastern and Twain avenues is offering $27,500 in state-funded down payment support per home.