|
MEDIA CONTACT: Jace Radke | 702.229.2205 | 702.249.3514 | jradke@lasvegasnevada.gov
New Development Opportunities In City Of Las Vegas
Developers Wanted For Affordable Artist Housing Project
&
City Receives Notification Of $40 Million In New Markets Tax Credits To Be Used To Provide Loans To Businesses That Service Low-Income Population
The city of Las Vegas has released a request for proposals (RFP) for developers to plan and build new affordable artist housing in the 18B Las Vegas Arts District. In addition, the city has been notified that the Las Vegas Community Investment Corporation will receive $40 million in federally funded New Markets Tax Credits to invest in low-income and underserved communities in Southern Nevada. Mayor Shelley Berkley will be available to comment on these important development opportunities at her regular news conference at 10 a.m. Thursday, Jan. 15, at Las Vegas City Hall, 495 S. Main St.
The city of Las Vegas is accepting proposals for the development of 1.23 acres near the 18b Arts District along iconic Las Vegas Boulevard. This is an opportunity to create a one-of-a-kind, mixed-use development in the creative center of downtown Las Vegas. View the RFP document and additional information about this opportunity to develop live/work artist housing with leasable commercial space
In addition, a new award of New Markets Tax Credits is available to develop projects in low-income and underserved communities. The U.S. Treasury Department’s New Markets Tax Credits program encourages investment in traditionally underserved communities by providing investors with a tax credit when they make investments in qualified, active low-income community businesses in eligible census tracts.
The city of Las Vegas previously formed its own community development entity, the Las Vegas Community Investment Corporation (LVCIC), to facilitate investment in owner-occupied commercial real estate projects, particularly those involving manufacturing, mixed-use, education and health care. Since 2013, the city of Las Vegas has consistently used New Markets Tax Credits as a powerful financing tool to deliver catalytic projects in underserved neighborhoods, turning competitive federal capital into real community outcomes.
The LVCIC is the only Nevada-based entity to receive a New Markets Tax Credit allocation for this most recent competitive cycle. Last year’s $60 million allocation is already being deployed into impactful community projects across Las Vegas, with the most recent investment supporting the new West Las Vegas Library, which just celebrated its grand opening.
New businesses and projects will continue to be helped by these funds, creating quality jobs and investment opportunities in the city of Las Vegas.
###
|
