SE Vegas News

Clark County commissioners for the first time have approved an affordable housing development in the southwest valley that will allow low-income families to buy instead of rent their homes. 

The "for-sale affordable housing development" will be built on Cactus Avenue between Rainbow Boulevard and Buffalo Drive, Fox5 Las Vegas reported. The county will work with developer Kavison Homes to build more than 100 single-family  homes on 15 acres, a county news release said.

"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," Commissioner Justin Jones told the station. "It's something where people can feel safe."

Families that earn less than 80% of the median household income — about $64,000 a year for a family four — will be eligible, the story said. Previous affordable housing communities have only offered houses for rent, the station reported. The development comes as the average home price in Southern Nevada was $405,000 in August, the county said.

Demand for the affordable homes will likely be much higher than the supply, Jones predicted. The county is still developing a process for selecting the home buyers, with "significant progress" expected by the end of next year, the story said.

“Homeownership has many benefits for families and the community, but it is a dream that is simply out of reach for many residents,” County Manager Yolanda King said in the news release. “As the first for-sale affordable housing  development to our community, this plan will open the door to home ownership for more than 100 lower-income families.”