Nevada Housing Division Authorizes Financing for Renovation of 740 Affordable Rental Units in Reno


Contact

Teri Williams
Public Information Officer
702-486-0407
Carson City, NV - April 30, 2019

Three affordable housing developments - totaling 740 units - will remain affordable for the next 30 years, made possible in part through Low-Income Housing Tax Credit (LIHTC) financing provided by the Nevada Housing Division (NHD).

Newport Beach, Calif. based Vintage Housing Development and Reno, Nev. based Greenstreet Companies LLC, will renovate the previously acquired multi-family and senior affordable housing developments utilizing low-income housing tax credits allocated by NHD. The renovations are scheduled to be completed in late 2020.

The two development partners have financed and built more than 15,000 residential units of market rate and affordable multifamily housing throughout the country, with more than 3,000 of those units in the Reno-Sparks area. The newly renovated properties will include:

  • 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 will be occupied by households with incomes at or below 60% of area median income (AMI). Renovation of all three projects will be structured to minimize 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.

According to NHD’s 2017 Annual Affordable Apartment Survey, the statewide vacancy rate for Low-Income Housing Tax Credit (LIHTC) properties in the fourth quarter of 2017 was 2.9% percent, dropping more than a point from 2016. From 2012 through 2017, average fourth quarter market rate rents in Reno-Sparks rose 37%, from $860 per month to $1,180 per month while Washoe County LIHTC rents rose 15% from $716 to $823 per month during that same timeframe.

“Northern Nevada is facing an unprecedented affordable housing crisis and there continues to be 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 every investment we make in developing and maintaining affordable units helps.” 

About the Nevada Housing Division

The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975, with a mission to provide affordable housing opportunities and improve the quality of life for Nevada residents. They connect Nevadans with homes by providing financing to developers to build affordable housing, innovative mortgage solutions and down payment assistance programs and making homes more energy efficient, thereby lowering utility expenses. To learn more, visit http://housing.nv.gov.  

# # #