SUBMITTED NEWS RELEASE
The Northern Nevada Community Housing Resource Board, a Reno-based non-profit, is pleased to announce the grand opening for Autumn Village Apartments, a new 43-unit affordable housing rental development being constructed on Gentry Way and Wrondel. The ribbon cutting and apartment preview takes place on Tuesday, January 25, 2011 from 4 p.m. – 5:30 p.m.
Autumn Village Apartments is a Section 1602 Tax Credit Exchange funded affordable housing project. The $9 million project has created an estimated 150 construction jobs over the past year and retained an untold number of jobs.
Financing for Autumn Village Apartments ($6.3 million) came from the Nevada Housing Division: the American Recovery and Reinvestment Act of 2009 (ARRA) Section 1602 Tax Credit Exchange Program. Additional project funding came from the Washoe County HOME Consortium, administered by the City of Reno, and Idaho-Nevada Community Development Financial Institution.
The project was awarded Federal Low Income Housing Tax Credits by the Nevada Housing Division in the summer of 2008. However, the investor market for tax credits has plummeted in the last two years, another victim of the financial crisis. Under the ARRA Section 1602 Program, the Nevada Housing Division was able to “sell” these tax credits to the Treasury Department in exchange for cash to invest in high quality and “shovel-ready” affordable housing projects. Without the Federal Stimulus funds administered by the Nevada Housing Division, it is unlikely that the Apartments would have moved forward this year.
Autumn Village Apartments is a three-story 43 unit, elevator residence with 21 one-bedroom and 22 two-bedroom, accessible/adaptable apartments with balconies as well as community and service space. There are nine special needs units in the project for housing individuals and families at risk of homelessness in the community. Autumn Village is designed in an attractive style, covered walkways and decorative sighting and stucco exterior. Each apartment is equipped with free broadband internet access. The Community Building will include a lounge area, library, computer lab, on-site laundry facility, and offices for management and supportive service staff, security fenced and landscaped grounds, courtyards, and porches. The property also has a children’s playground and BBQ area. Autumn Village Apartments is an affordable housing development. All of the units will be affordable to residents at or below 40% of area median income (AMI).
The Apartments are certified EnergyStar-rated. The building will include high efficiency heating and cooling equipment, and EnergyStar appliances. Autumn Village will have a solar panel array to assist the property in running “Green”. The development will also promote water conservation with xeriscape landscaping.