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
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
- 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
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
“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
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.
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