AGATE Phase 2 SNPLMA Affordable Housing Conveyance Completed
On Monday, Dec 8th, BLM received the full purchase price of $90,000 (a 95% discounted sale price of the appraised fair market value of $1.8 million) for the 5 acre SNPLMA Affordable Housing project, "Agate Phase 2" sale parcel (N-92955). Upon receipt of the purchase price funds, BLM delivered the Agate Phase 2 land sale patent to complete the conveyance. The State of Nevada Housing Division (Patentee) recorded the patent on Dec 9th.
The Agate Phase 2 project began with a direct land sale application received in spring 2014, by the BLM from the Housing Division. The application was for the conveyance of a 5-acre public land parcel for the development of a newly constructed 188-unit rental affordable housing complex for seniors and seniors with special needs, with at least 10% of the units having a preference for qualifying Veteran households. The Housing Division was under pressure for this land conveyance to be completed prior to the end of calendar year 2014, or risk the loss over $22 million in public and private funds. The BLM was supportive in expediting the land conveyance processing timeframe as requested by the Housing Division. With the help and support of the Department of Housing and Urban Development (HUD); the Office of the Regional Solicitor; the Department of the Interior, Office of Valuation Services (OVS); and the BLM Washington Office (WO), Nevada State Office (NSO), and the Southern Nevada District Office (SNDO), we were successful in finishing the conveyance earlier than the target completion date.