Clark County Puts $6 Million Into Keeping 120 East Las Vegas Apartments Affordable for 50 More Years

by Ryan Rose

What Happened

The Clark County Commission took up the Paseo del Prado deal at its September 15 meeting. Commissioners approved $6 million from the Welcome Home Community Housing Fund to support the purchase and rehab of the complex. FOX5 Vegas reported the approval on September 28.

The issue was a deadline. Many affordable apartment complexes carry rent limits for a set number of years. When that period ends, the owner is free to raise rents to market rate or sell the property. At Paseo del Prado, those limits were set to run out on December 1, 2026. County staff say this deal locks in affordability for the next 50 years.

Dagny Stapleton, the county's Community Housing Administrator, explained the stakes at the meeting. She said that when restrictions expire and units "convert to market rate or are sold, residents are at risk of rising rents and even eviction." She said her office has been working with the developer, Fairway Multifamily, on an acquisition and rehab plan to keep the apartments affordable.

The complex is set up for renters earning 60% of the Area Median Income, often called AMI. According to the complex's own website, a single person must earn no more than $44,000 a year to qualify. The limits go up for larger households, and the website lists the income cap for each household size.

The money also covers a long list of repairs. County officials say the work includes:

Full interior upgrades inside each apartment
New windows
New HVAC systems
A full plumbing repipe
Exterior and roof upgrades
New security features
A dog park
Pool upgrades
New lighting and landscaping
Parking lot resurfacing

Officials say the funding agreements should be in place early next year. Construction is projected to start in early 2027 and wrap up in 2028.

Residents told FOX5 they are glad their rent will stay tied to their income. One resident, Tim, told the station that he has a brain injury and needs a first-floor unit. He said he checks with other affordable complexes when he is in the area, and they almost never have an opening. His story is a good picture of why keeping existing units matters. For many renters, there is simply nowhere else to go at this price.

Why It Matters to Las Vegas Residents

The Las Vegas Valley is short on homes people can afford, and it is not a small gap. A FOX5 report from February 2026, citing the Nevada Housing Coalition, said Clark County is short about 96,000 units for households earning 50% of AMI or less. Statewide, Nevada is short nearly 78,000 units for extremely low-income renters. Every existing affordable unit that flips to market rate makes that hole deeper.

Saving an old unit is often faster than building a new one. A new affordable complex can take years to plan, finance and build. Paseo del Prado already exists. People already live there. Kids already go to nearby schools, and workers already have their commute figured out. Keeping those 120 homes affordable means about 120 households do not have to start over.

Think about who earns around $44,000 a year as a single person in this valley. That can include people who work in restaurants, retail, hotel housekeeping, health care support and child care. These are the folks who keep the Las Vegas economy running. When rents jump, they are the first to feel squeezed, and the first to get pushed farther from work.

There is also a neighborhood angle. A complex getting new windows, new HVAC, new plumbing, a fresh roof, better lighting and new landscaping is a better neighbor. Older apartment buildings that go years without major repairs can start to drag down the look and feel of a block. A full rehab usually does the opposite. Nearby homeowners on the east side of the valley stand to benefit from a cleaner, safer, better-maintained property down the street.

The upgrades matter for the people inside, too. Older buildings in our climate take a beating. Summer heat is hard on air conditioners, roofs and windows, and old plumbing tends to leak and fail over time. New HVAC and new windows can mean a cooler apartment in July and fewer breakdowns during a heat wave. A full plumbing repipe can mean fewer leaks, less water damage and fewer surprise repair calls. For renters on a tight budget, a unit that works the way it should is a real quality-of-life boost.

It is also worth noting what the county is getting for its money. At $6 million for about 120 units, the county's share works out to roughly $50,000 per apartment. That is the public piece of a larger purchase and rehab, and it buys 50 years of rent limits plus a full modernization.

And for renters across the valley, this is a reminder to know your lease and your building. Many people living in income-restricted housing do not know when their building's restrictions end. If you rent in one of these properties, that date can matter a lot to your future rent.

Background and History

Clark County created the Welcome Home Community Housing Fund in the spring of 2022. According to the county, the fund acts as "gap financing." That means it fills in the money a project still needs after other sources are lined up, like the federal Low-Income Housing Tax Credit program. Developers bring most of the funding, and the county covers the last piece that makes the deal work.

The fund has grown into a major tool. The county's Community Housing Fund page says commissioners have approved nearly $270 million for 47 housing developments. Those dollars are helping build or maintain more than 5,600 affordable and attainable rental units. County officials told FOX5 that since 2022, they have helped with the construction or rehab of about 5,800 affordable units across the valley.

Paseo del Prado is not the first deal like this. In February 2026, commissioners approved $20 million from the same fund to support about 530 units across 10 complexes. Part of that money went to lowering rents for very low-income renters. At one senior complex, Serene Pines near Las Vegas Boulevard and Serene Avenue, the nonprofit owner said the funding would cut rents on more than 100 units by $200 to $400 a month.

That February report also gave a helpful look at the income numbers. It said 60% of AMI worked out to about $55,080 a year, and 50% of AMI to about $45,900. Income limits depend on household size, which is why the single-person limit at Paseo del Prado is lower. The takeaway is simple. These programs are aimed at working people, not just the lowest earners.

It helps to understand how these rent limits work in the first place. When a developer takes public money or tax credits to build or fix up apartments, it usually agrees to keep rents below a certain level for a set number of years. That promise is recorded against the property. Renters get lower rent, and in return, the owner gets help paying for the building. When the agreed period ends, the promise ends too, unless someone puts new money in and signs a new agreement.

That is what an "acquisition and rehab" deal does. A new owner buys the property, fixes it up, and signs a fresh set of rent limits in exchange for the public funding. At Paseo del Prado, the new term is 50 years. That is long enough that a child living there today could be raising their own family by the time it runs out.

The bigger pattern is that affordability deadlines are coming due across the valley. Many income-restricted complexes were built decades ago with rent limits that last a fixed number of years. As those dates arrive, local governments have to decide whether to step in. Paseo del Prado shows Clark County is choosing to spend money to keep units, not only to build new ones.

What Happens Next

The next step is paperwork. County officials say the funding agreements should be in place early next year. Once those are signed, the purchase and rehab can move forward. The rent restrictions were set to expire December 1, so the timing of that paperwork matters to residents who want certainty.

Construction is projected to start in early 2027 and finish in 2028. Rehab projects on occupied buildings often happen in phases, so residents may see work move from building to building rather than all at once. FOX5 did not report whether any residents would need to move temporarily during the work. If you live at Paseo del Prado, it is worth asking the property office how the schedule will affect your unit.

On the county side, more rounds of funding are on the way. The county's Community Housing Fund page says the next application round for developers is expected in fall 2026. It also says the Welcome Home Community Land Trust expects to open applications for homebuyers in fall 2026. That program is aimed at helping people buy homes, not rent them, so it is worth watching if you are a renter hoping to become an owner.

An apartment complex swimming pool, the kind of shared amenity set for upgrades at Paseo del Prado along with a new dog park

Residents will also want to watch for the shared-space upgrades. The plan calls for pool upgrades, a new dog park, new lighting, fresh landscaping and a resurfaced parking lot. In a desert city where summer days run long and hot, a working pool and good outdoor lighting are not small things. They shape how safe and comfortable a complex feels day to day, especially for families with kids and for older residents.

Also watch the commission agenda. Deals like this one tend to come up one at a time as expiration dates approach. Each one is a public vote, which means residents can follow along and speak up.

Rooftop air conditioning units, similar to the HVAC systems set to be replaced during the Paseo del Prado renovation

Ryan's Take

I spend most of my days helping people buy and sell homes, but I talk with renters all the time. Many of them are saving up to buy. Some of them are one rent increase away from having to leave the neighborhood they love. When I see a deal that keeps 120 families in place for the next 50 years, I think that is money well spent. It protects people who are doing everything right and still getting squeezed.

From a market point of view, this matters too. When affordable rentals disappear, people get pushed into higher rents, which makes it harder to save a down payment. That slows down the path from renter to buyer. Keeping a steady supply of affordable rentals gives people a stable base to build from. And on the east side of the valley, a full rehab of an older complex is good news for nearby homeowners. New windows, a new roof, better lighting and fresh landscaping make the whole area look and feel better. I would much rather see an older property brought up to date than left to slide.

What You Can Do

If you live at Paseo del Prado, keep in touch with the property office about the renovation schedule. Ask how the work will affect your unit and whether you will need to plan around any outages or moves. Keep copies of your lease and your income paperwork handy, since income-restricted housing usually requires regular checks.

If you are looking for affordable housing, start by learning your household's AMI level. Many complexes post their income limits by household size, just like Paseo del Prado does on its website. Call around, ask about waitlists, and get on more than one list. If you need help with rent or are at risk of losing housing, Clark County Social Services can be reached at (702) 455-4270. If you want to buy through the Welcome Home Community Land Trust when applications open, you can email CCCLT@ClarkCountyNV.gov to ask about updates.

If you are a homeowner near an older complex, pay attention to commission agendas. These votes are public, and a well-run rehab can be good for the whole street. And if you are thinking about the jump from renting to owning, it helps to have a plan before the right home shows up.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com