The U.S. Department of Housing and Urban Development has completed a $37 million transaction to boost affordable housing in Reno. The Rental Assistance Demonstration (RAD) funding with the Reno Housing Authority will create 150 new affordable rental homes and upgrade existing public housing in the area.

“We’re committed to making sure the homes we provide aren’t just affordable, but also safe, resilient, and high-quality places where people can really thrive,” HUD Agency Head Adrianne Todman said.

The project includes an overhaul of Silverado Manor, built in 1963. Once finished, the renovated complex will have features like a picnic area, playground, dog park, clubhouse, communal kitchen, computer lab and exercise room.

“RAD is helping us transform Silverado Manor and its surroundings into a community where residents can flourish for years to come,” said HUD Deputy Assistant Secretary Ethan Handelman.

The cost comes to $207,000 per home. Funding for the project comes from a mix of sources: a commercial first mortgage, Nevada Housing Division funds and equity from low-income housing tax credits.

Source: HUD