Okay, this is the one to move on fast. A brand new three-bedroom house in northwest Las Vegas, priced from about $267,400, is not a typo.
Rebecca Place is Clark County's first Welcome Home Community Land Trust community, and the county says the first round of applications opens Monday, November 16.
The homes sit near CC215 and North Jones Boulevard, just steps from Estelle Park. Every plan is single-story, with three or four bedrooms.
The Trade That Makes the Price Work
Here is the part most buyers have never heard of. In a land trust, you buy the house, and Clark County keeps owning the land under it.
You sign a ground lease with the county. That shared setup is exactly why the price drops so far below what the home cost to build.
- Plan 1: 3 bedrooms, 3 bathrooms, 1,871 square feet. Development cost $409,050, affordable price about $267,400 to $311,100.
- Plan 2: 3 bedrooms plus a den, 3 bathrooms, 2,206 square feet. Development cost $419,080, affordable price about $294,000 to $341,200.
- Plan 3: 4 bedrooms, 1 office, 3.5 bathrooms, 2,404 square feet. Development cost $419,080, affordable price about $294,000 to $341,200.
The catch is real, so go in clear-eyed. If you sell, you sell at a restricted, affordable price to another low to moderate income household, using the formula in your ground lease.
You still build equity through your mortgage payments, plus small increases in the resale price. You just do not get a market-rate windfall, and you can never buy the land out of the program.
Check Yourself Before Monday
The county's eligibility quiz is blunt, and there is no flexibility on the income rules. Run through it before you get your hopes up.
- Residency: you live or work in Clark County.
- First-time buyer: you have not owned a home in the last five years, and a foreclosure in the last five years might make you ineligible.
- Household: at least two people, counting everyone who will live in the home at least 10 months a year.
- Income and assets: household income under 80 percent or 100 percent of Area Median Income, and less than $60,000 in assets.
- Credit and cash: a minimum credit score of 640, a steady income, and savings for a 3 percent down payment.
Budget past the down payment too. The county says closing costs run an estimated 2 to 5 percent of the home price, and only conventional home loans are eligible.
The monthly ground lease fee stays due even after you pay off your mortgage, though the county says it will strive to keep it low.
Your Steps, in Order
Step one is not the application. The county says the process starts with an orientation session, and sessions are available in English and Spanish.
Step two is documents. Gather the items on the county's Required Documentation list now, because an incomplete application gets you one notice and seven days to fix it before it is denied.
Step three is applying online through the Welcome Home CLT site when the round opens November 16. An approved application is automatically placed into the lottery, so there is no separate lottery entry to chase.
Your application stays valid for 90 days. If you are not picked, the county will ask you to update it.
Plan your timeline honestly. The county says the purchasing process takes four to five months from application to closing.
And skip the voucher shortcut. The county says Section 8 vouchers cannot be used with this program.
Honestly? For a two-person household with a 640 score and 3 percent saved, Monday is a rare shot at a new Vegas home under $300,000. Get the orientation done first.
