Reno to use IRS private activity bonds to construct affordable housing – ThisisReno

Several new affordable housing projects are planned in Reno’s core with the help of the city’s allocation of more than $14 million in private activity bonds.

The 205-unit Washington Station Senior Apartments will be located at 260 Winter St. and at 265 and 291 Washington St. Most units will be for those earning 60% or less than the area’s median income, with some reserved for those earning 45% or less.

Centennial Park, a 40-unit complex, is planned for 1652 Wedekind Road and 2090 Centennial Way. It will be for those who earn 50% or less of the area’s median income.

According to the U.S. Census Bureau, the median individual income in Washoe County in 2019 was $31,399 and the median household income was $58,790.

“The rehabilitation and renovation is expected to include new appliances, energy efficient site lighting, low-flow faucets and energy efficient unit lighting, new toilets, new cabinetry, countertops, sinks and flooring in kitchens and baths, new water heaters, new HVAC systems, new exterior upgrades, hardscape, landscaping and amenity improvements, as well as Americans with Disabilities Act compliance upgrades to all common areas,” according to a report to the Reno City Council.

Council members on Wednesday adopted a resolution that transfers the city’s 2021 allotment of $14,171,374 that was distributed on June 24 and must be dispensed by this September or it reverts to the state.

The Nevada Department of Business and Industry will issue the bonds, and repayment will be made by the developer through project operating income.