Clearinghouse CDFI provided $1,780,000 to refinance an existing construction loan for the Governor Mike O’Callaghan Apartments, a 40-unit multifamily affordable housing community in West Las Vegas. This Low-Income Housing Tax Credit (LIHTC) property is fully leased and serves low-income individuals and families. 33 units are reserved for residents earning at or below 50% of area median income (AMI), and seven units serve those earning at or below 60% of AMI.
Located within a designated CDFI Investment Area, the property spans approximately 28,400 square feet and plays an important role in maintaining access to stable, affordable housing in the surrounding community. Clearinghouse CDFI’s financing helps stabilize the property’s capital structure and position it for long-term operations. Refinancing stabilized affordable housing properties is a key step in preserving long-term affordability, particularly for LIHTC developments transitioning beyond initial construction financing.
All 40 units are income-restricted, meeting Capital Magnet Fund Program criteria and ensuring continued affordability for residents. The community serves households with limited access to traditional housing options, reflecting the surrounding neighborhood.
In addition to preserving affordability, the property supports on-site employment, including full-time roles for property management and maintenance. Together, these elements contribute to the ongoing stability of the property and the residents it serves, reinforcing access to quality housing in the Las Vegas market, where affordable units remain limited.
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