One of the most pressing issues in the area is due to be addressed with the announcement that an affordable housing complex is scheduled to be built next to Maya Cinemas.
This represents an opportunity to provide Nevadan residents who are on a low income with housing units that they can afford. It has become very clear that there are simply not enough affordable housing units to meet existing demand and that is why the announcement by the real estate firm Camino Verde will be warmly welcomed.
Local suppliers, like an artificial grass company, for instance, have continued to try and service demand as Nevada’s housing market has boomed. That growth has meant that sales prices and rents have moved beyond the reach of those earning below the median family income for the area.
That’s why this affordable housing project ticks a lot of boxes. Here’s a look at what to expect when work gets underway on the first units in January 2022.
Fulfilling a growing need
The numbers are there for all to see. It is estimated that Nevada could do with building about 85,000 affordable and low-rent properties to meet existing and anticipated demand for this type of housing.
The 270 Cine Apartments being built next to Maya Cinemas will only make a reasonably small impact when it comes to solving the acute need for affordable properties that Nevada suffers from but it is definitely a step in the right direction.
The terms of the project are that 80 percent of the units will be made available to tenants who earn at least 60 percent below the average family income for the area. The remaining 20 percent will be made available at market-rate prices.
How do costs compare?
To get some idea of what sort of difference these affordable units could make to someone in that low-income position here is a look at some comparable figures.
If you were paying a typical rental rate for a Las Vegas home you could expect to pay in the region of just over $1,700 each month. If you secure one of the one-bedroom Cine apartments as an affordable-housing tenant you will be paying about $730 per month.
As you can see, this would make a huge difference to the housing costs of residents who need some help to get a roof over their head that they can afford to pay for.
Meeting local demand for affordable housing
The North Las Vegas area has witnessed noticeable growth in the number of industrial developments. Many of these businesses will be employing warehouse workers who will often be earning below the average.
That means the complex next to the Maya Cinema site will be perfectly placed to provide the sort of accommodation these workers can afford, making it easy to get to work and enjoy the benefits of paying a lower-than-average rent.
The good news is that further parcels of land around the site are also available for development.
In the near future, the Maya Cinema area could see schools, retail, and leisure outlets further enhancing the attraction of this much-needed housing solution.