Nevada Housing Division issues $6.4 million in tax credits to 10 apartment projects


Contact

Teri Williams
Public Information Officer
(702) 486-0407
Carson City, NV - October 21, 2014

The Nevada Housing Division (NHD) has awarded approximately $6.4 million in low income housing tax credits (LIHTC) in 2014.  Ten developments located throughout the state received awards.  The developments include a mix of affordable family, senior, special needs and mixed income housing.

The Division’s funding will provide an additional 618 apartments to the existing affordable housing inventory, bringing the total number of units funded by the Division since program inception to 25,000.  Of the 618 units, 112 units of family housing will be eligible for rental assistance through the U.S. Department of Housing and Urban Development’s Project Based Rental Assistance Program. The new units should be available for tenant occupancy in late 2016.

The awarded tax credits are sold by project developers to investors to raise equity. Each LIHTC dollar awarded in this program can generate as much as $10 in equity, which may result in approximately $64 million in equity raised under the program in 2014. According to the Division, the estimated gross economic impact of the $64 million equity financing and resulting construction expenditures translate to 778 jobs and new labor income of more than $42 million.

Funding was approved for the following developments:

Clark County

Bonnie Lane

Las Vegas

special needs

McKnight Senior Village

Las Vegas

seniors

Russell Seniors Apartments, Phase II

Las Vegas

seniors

Vera Johnson Manor

Las Vegas

families/children

Vgas 1 Dcatur LLC

Las Vegas

seniors

Elko County

Winchester Court

Elko

families

Humboldt County

Larios Arms Sr. Residence, Phase II

Winnemucca

seniors

Sonoma Springs Apartments

Winnemucca

families

Washoe County

Lincoln Way Apartments

Sparks

seniors

Village at North, Reno

Reno

veterans

About the Nevada Housing Division

The Nevada Housing Division was created by the Nevada Legislature in 1975, when it was recognized that a shortage of safe, decent, and sanitary housing existed throughout the State for low- and moderate-income Nevadans. Their mission is to improve quality of life by providing affordable housing opportunities. For more information visit www.housing.nv.gov.

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