There will be 740 renovated affordable rental housing units available in the Reno area in late 2020, made possible partly through financing by the Nevada Housing Division (NHD).
“Northern Nevada is facing an unprecedented affordable housing crisis and there’s a shortage of decent, safe and clean rental units that many of our residents can afford,” said NHD Administrator Steve Aichroth. “We know this won’t solve the entire problem, but it will help.”
According to NHD’s 2017 Annual Affordable Apartment Survey, the overall vacancy rate in the 4th quarter of 2017 for Nevada tax credit’s corresponding properties was 2.9 percent, dropping more than a point from 2016. In the past five years, average 4th quarter market rate rents in Reno/Sparks rose 37 percent, from $860 a month to $1,180 a month. In the same time, average 4th quarter Washoe County Low Income Housing Tax Credits (LIHTC) rents rose 15 percent from $716 to $823 per month.
To help address this issue, NHD is partnering with Vintage Housing Development (based in Newport Beach, Calif.) and Greenstreet Companies, LLC. (based in Reno, Nev.), to renovate three existing multi-family housing properties in the Reno area. The two development partners have financed and built in excess of 15,000 residential units of market rate and affordable multifamily housing throughout the country, with more than 3,000 units in the Reno-Sparks area.
- South Peak by Vintage Apartments: Currently known as Diamond Creek Apartments, this complex consists of 288 two, three and four-bedroom units in two two-story and 12 three-story buildings, with one single-story club house and leasing office. It sits on a 17.6-acre site at 1205 South Meadows Parkway. NHD has authorized up to $40 million in multi-housing revenue bonds to fund the project.
- Ridgeview by Vintage Apartments: Currently known as The Bluffs Apartments, this complex includes 300 two, three and four-bedroom units in 15 three-story buildings and one single-story club house and leasing office. It sits on a 46.4-acre site in north Reno at 4050 Gardella Avenue. NHD has authorized up to $40 million in multi-housing revenue bonds to fund the project.
- Vintage at Citi Vista Apartments: This 152-unit property was originally known as Citi Vista Senior Apartments and occupies a 1.01-acre site near downtown Reno at 650 Record Street. Vintage at Citi Vista will consist of 152 studio, one and two-bedroom units in a single five-story structure, with all units having either a balcony or patio. Residential units are located on the upper four floors and the first floor provides 133 stalls of covered parking. Once completed, Vintage Housing will continue to deliver programs and residential services that benefit low-income senior residents. NHD has authorized up to $16 million in multi-housing revenue bonds to fund the project.
All units are at or below 60 percent of area median income (AMI). Renovation on all three projects will be structured so that there will be minimal disturbance to current residents; most will be able to stay in their units during renovations and/or will be offered daytime accommodations while work is being done in their unit.