Top state officials voted Tuesday to approve the bond issue that is a cornerstone in the plans to finance a significant multi-family housing project in south Reno. The project is expected to begin meeting the demands of a tight rental market, especially for working families and seniors, as the Northern Nevada economy continues to develop strength.
The State Board of Finance approved issuance of up to $90 million in housing revenue bonds for the proposed Summit Club Apartments. The project, which is planned to include 584 one-, two- and three-bedroom apartment homes, is planned adjacent to the Summit Sierra at the intersection of Interstate 580 and Mount Rose Highway.
“The Summit Club development addresses the need for more housing that will support Northern Nevada’s growing and diverse economy,” said Reno Mayor Hillary Schieve. “Developments like this exemplify our strong economic resurgence and support the mission of a Reno Revival.”
Assuming construction begins this spring, occupancy of the first units is projected for late 2016 or early 2017.
The bonds will be issued by the Nevada Housing Division. No public money will be used to pay off the bonds. The apartment rents will provide all the revenue to service the bonds’ debt service, without liability to the State of Nevada.
Sierra Summit, LLC, the Reno-based company that is developing the project, plans to designate 117 of the new housing units as “workforce housing” for tenants who make 50 percent or the less of the median income for Reno. The median income in Reno is $44,426.
“Our growing workforce requires dynamic and diverse housing options,” said Michael Holliday, Chief Financial Officer for Inclusion with the Nevada Housing Division. “This project is the first of its kind in Northern Nevada and opens the door to this sort of creative housing blend to meet the ever-changing needs of our community.”
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SOURCE: This Is Reno
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