Nevada State Treasurer Zach Conine announced today that the Nevada State Infrastructure Bank approved financing to support 208 units of affordable housing for seniors in Reno.
A loan of $7,000,000 was approved to support the renovation of the Carville Park Apartments project in Reno, which provides HUD Section 8 housing assistance to senior tenants.
The 52-unit development has been owned and operated by the Northern Nevada Building and Construction Trades Development Corporation since 1979. Its renovation will allow seniors to rent studio apartments at $314 per month below the market rate and one-bedroom apartments at $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 cost of the project is expected to be about $75 million.
Local residents will have to be hired for the construction and development, and workers have to be paid prevailing wages, as part of the agreement.
The project involves installing solar systems on all rooftops and carports. State officials said this will offset over 83 percent of the project’s energy needs, resulting in significant energy savings for tenants.
Officials added that this project is expected to create 286 construction and development jobs.
The Carville Park Apartments renovations were discussed last year, and this new funding will help complete the project.
Source: State Treasurer
