Real Estate · Henderson
Nevada HAND Opens $51M Sunrise Ranch Affordable Housing Complex on Boulder Highway in Henderson
Nevada HAND opened Sunrise Ranch, a 144-unit complex for low-income tenants in Henderson. It is the nonprofit's first project with units set aside for young adults aging out of foster care.
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What happened
Nevada HAND, which the Las Vegas Review-Journal describes as the state's largest affordable-housing developer, has opened a new apartment complex for low-income tenants in Henderson. The nonprofit held a grand opening ceremony Wednesday for Sunrise Ranch, a 144-unit property, the Review-Journal reported.
The project also marks a first for the builder. It includes a program meant to bring in young adults who are aging out of foster care, according to the newspaper.
About Sunrise Ranch
Location and layout
Sunrise Ranch sits along Boulder Highway just north of Galleria Drive. The complex is made up of several buildings on a triangular plot of nearly 8 acres, the Review-Journal reported. Amenities include a computer lab, a fitness center, covered parking, a library and a playground.
Nevada HAND spokeswoman Jodie Wilkerson told the newspaper the community is almost fully leased. She said management has been renting units in the buildings as they open.
How the project was paid for
According to a news release cited by the Review-Journal, the development cost roughly $51 million and drew financing from several government agencies. Those include the state's Home Means Nevada initiative, Clark County's Community Housing Fund, and the cities of Henderson and Las Vegas.
The Southern Nevada Regional Housing Authority also awarded 33 project-based vouchers to the complex, the developer said.
A first for Nevada HAND
Units for young adults leaving foster care
Wilkerson confirmed to the Review-Journal that the foster care component is new for the nonprofit. According to the news release, the property includes units set aside for young adults who are aging out of foster care. Wilkerson said up to 60 units in the complex carry a preference for those renters.
On-site support from Clark County
Clark County's social services agency has dedicated offices at Sunrise Ranch through its Step-Up program, according to the release. Those offices are intended to help the tenants who are coming out of foster care.
Why affordable housing is an issue in Nevada
The Review-Journal noted that most of Nevada's population lives in the Las Vegas area, a region that depends on tourism and has many lower-earning service-sector jobs. The state has long needed a bigger supply of affordable housing, the newspaper reported.
What a policy group found
Early last year, the Kenny Guinn Center for Policy Priorities reported that Nevada faced a "severe housing affordability crisis," according to the Review-Journal. The center found that nearly half of the state's renters were "excessively cost-burdened" and that income growth had "lagged far behind housing costs."
The developer's portfolio
Nevada HAND has 38 communities that house more than 8,300 people, the Review-Journal reported. For more on housing costs and new projects around the valley, see our real estate coverage and development news.
What to watch next
- Leasing of the remaining units at Sunrise Ranch, which Nevada HAND says is almost fully leased as buildings open.
- How many of the up to 60 units with a foster care preference are filled by young adults aging out of foster care.
- Use of the on-site offices that Clark County's Step-Up program has dedicated at the complex.
