CARSON CITY, Nev. (KOLO) – The State Infrastructure Bank has approved financing for more than 200 units of senior housing in Reno.
A loan of $7 million for 208 units was approved at Tuesday’s meeting of the Board of Directors for the bank. The money will be used to support the renovation of the Carville Park Apartment project in Reno.
The 52-unit development has been owned and operated by the Northern Nevada Building and Construction Trades Development Corporation since 1979.
The new renovation will mean seniors can rent studio apartments for $314 a month below the market rate, and one-bedroom apartments for $551 per month below the market rate.
“After two years of hard work, the State Infrastructure Bank has shown that we can build more affordable housing in Nevada while paying construction workers dignified wages and not sacrificing on our climate goals,” said Treasurer Zach Conine. “As Nevada’s Chief Investment Officer, I am going to do everything in my power to find innovative ways to tackle Nevada’s housing crisis head-on.”
The total cost of the project is anticipated to be $74.9 million. The $7 million loan is being leveraged 9.7 times through a loan from the U.S. Department of Housing and Urban Development.
The project will be required to:
- Hire local Nevada residents for the construction and development of the project;
- Pay State prevailing wage rates to all workers on the project;
- Ensure that 15 percent of all workers on the project are registered Apprentices;
- Prioritize the hiring of disadvantaged workers on the project; and
- Utilize a project labor agreement.
The project will also involve the installation of a solar production and storage system on all rooftops and carports to ensure that 83% of the energy needs of the project will be offset.
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