LAS VEGAS (FOX5) -- Clark County commissioners voted unanimously on Tuesday to approve an affordable housing development, bringing the dream of homeownership to lower-income families.
In August, the average home price in Southern Nevada reached $405,000, which is unaffordable for many local households.
A new "for-sale affordable housing development" will be sold to families that earn less than 80% of the area median income, so a family of four could earn about $64,000 dollars a year to qualify.
It's the first for-sale housing development in Clark County, as previous developments were for rent only. The lot is located in the southwest valley on Cactus Avenue between Rainbow Boulevard and Buffalo Drive.
"We wanted to make sure it was in an established community with good schools, good transit, we've got the new bus stop here down the road. It's something where people can feel safe," said Commissioner Justin Jones.
He said he expects that demand for the affordable houses will be dramatically higher than the supply.
They're still working out a system to select home buyers. He said they're hoping to see significant progress on the development by the end of next year.
Affordable Home Ownership Housing in Las Vegas
What do they consider "affordable Housing"? Is it an apartment or a $150,000 house. Could there even be a $150,000 house built in Vegas?
Who would lend a minimum wage worker $150,000 for a house with $0 down?
These pipe dreams that come from local government are just "good press".
There are federal government and state/county government programs to help low income families buy a home.
A family of 4, with two adults working, should easily make $64,000 combined.
There's thousands of jobs available here. Many pay well and are union. Amazon, UPS, FedEx are paying $15 - $32 hr. and all the casino's are union scale.
i have seen the results of low income, now go and build really nice NEW homes, and allow the deadbeats, drunks, drug addicts into that area....
that'll certainly bring down the neighboring home values.
again, i see that crap here.
tent city out in the woods, is a better option for some.TheLoadOut Thanks this.
My concern is the "system to select home buyers"
Lately identity politics seems to be the deciding factor everywhere we turn rather than the merits of the applicant.
People need to be taught how to fish rather then being hand fed.
Having compassion is a good thing but in the end I think these programs are far worse for society than intended.
I think charity is best accomplished on a micro scale by individuals or Churches that can more easily identify people looking to "game" the system.RockinChair Thanks this.