A Colorado affordable housing developer broke ground Thursday morning on a 195-unit low-income apartment complex in Sun Valley.
The Ridge at Sun Valley project — expected to be complete in roughly two years — will be limited to people and families earning 60% or less than the area median income. Developer Powder
Located between Lois Allen Elementary School and Sun Valley Blvd., the 10-acre site will soon be home to several buildings with one, two and three-bedroom units, along with a clubhouse, open space and community pool.
\"We think this is going to be a great community, a great opportunity to provide affordable housing in an area that desperately needs it,\" said Yoni Gruskin, managing partner at Ulysses Development Group.
Gruskin said the majority of units will be finished by the end of 2024 and the project will be fully built out in early 2025.
The site was challenging not just for it steep terrain, Gruskin said, but also because of the economic conditions.
\"Interest rates have gone up materially, construction inflation has risen at a pace that we haven't seen in a long time, which really made this — that was already going to be a challenging project — that much more difficult.\"
The Ridge at Sun Valley project would not have been possible without funding from the state's Home Means Nevada initiative, which allocated federal dollars to invest $500 million into housing across the Silver State.
An estimated 20-25% of the project funding came through the Home Means Nevada initiative, he said.
Treasurer Zach Conine said it's estimated Nevada needs roughly 100,000 new housing units to catch up to where supply should be. Using state and federal dollars, Conine said, this project was proof that developers can still make a profit on affordable projects.
\"With all those different funding streams, it actually can be profitable to make affordable housing, which is great. But it takes a village,\" Conine said.
controller power board Email reporter Ben Margiott at bjmargiott@sbgtv.com. Follow @BenMargiott on Twitter and Ben Margiott KRNV on Facebook.