A $6 million county commitment is intended to preserve rent restrictions on 120 East Las Vegas apartments for another 50 years. Paseo del Prado, near Warm Springs Road and Lake Mead Parkway, faced a December 1 deadline for the expiration of its existing affordability restrictions.
According to FOX5 Vegas, the money comes from the county's Welcome Home Community Housing Fund and will support an acquisition and rehabilitation with Fairway Multifamily. The plan is to keep the apartments affordable for five decades.
A Deadline That Could Have Reshaped an East Las Vegas Community
FOX5 reported that when the restrictions expire, the roughly 120 apartments could otherwise convert to market-rate rents or be sold. That could expose residents to rent increases or displacement, the report said.
The Clark County Board of Commissioners approved the $6 million allocation at its September 15 meeting, according to FOX5. The county is acting before the restrictions expire, rather than waiting until the property has lost its affordability protections.
Fifty More Years of Protected Rents
FOX5 identified Community Housing Administrator Dagny Stapleton as the county official overseeing the housing program tied to the deal. The planned acquisition and rehabilitation are intended to extend affordability protections beyond the December deadline.
A broader affordability-preservation effort
Clark County says that since the Welcome Home fund was created on April 5, 2022, it has approved more than $230 million for construction and rehabilitation supporting 5,000 affordable housing units, according to the county. Those figures describe the fund’s overall reach, but do not provide the specific terms or oversight provisions of the Paseo del Prado agreement. A 2021 presentation to Nevada’s Assembly Committee on Government Affairs described expiring affordability contracts as a preservation concern, noting that many were expiring or nearing expiration. The presentation offers broader context, but does not identify other Clark County apartment communities or explain how their restrictions were handled.
For now, the specifics of the rehabilitation timeline, income limits, and unit eligibility have not been detailed publicly. What is confirmed is the core outcome: 120 units in East Las Vegas that were on track to lose their affordability status will instead remain under rent restrictions for another 50 years.
