“It’s been a bit of a zig-zag in the last couple of years when the financing environment changed and construction and labor pricing impacted the development’s feasibility but we know it’s an important project for Washoe County and Reno,” Larr said. In addition to the 4% federal housing tax credit, the project also received a state housing tax credit. The Washoe County HOME Consortium, for example, provided funds from the HOME Investment Partnerships Program while the Nevada Housing Division helped the project secure funding from the American Rescue Plan Act. The project also received support from state and local partners. “Our financing partners US Bank and Citibank stuck with us through the long term, which was huge,” Larr said. Issues with inflation and rising construction and labor costs also adversely impacted the project. Unlike standard multifamily housing, low-income housing requires not just bank financing but public funding and tax credits to make the project pencil out. “It will be 100% complete by 2025 but some units might be available earlier,” Larr said.ĭeveloping low-income housing is always a challenge and The Ridge at Sun Valley is no exception. Like our page to stay informed about passing of a loved one in Reno, Nevada on facebook. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. In addition to local news, RGJ.com is the area's leading website for information on prep sports, entertainment, real estate, employment and vehicles for sale. RGJ.com provides up to the minute breaking news updates. “It’s for working individuals and families but seniors can certainly live here as well,” Larr said What amenities will The Ridge at Sun Valley have?Ĭonstruction is expected to take about two years with units being phased in, according to Larr. Search Reno obituaries and condolences, hosted by . The Reno Gazette-Journal is a member of the Gannett family of print, broadcast and digital media, which includes USA Today. The Ridge at Sun Valley will not be an age-restricted project, according to Larr. California-based USA Properties also acquired two existing affordable housing apartments in Reno last August in order to remodel them. These include The Vintage at Redfield Apartments and Altitude by Vintage developments that were approved by the city of Reno in December. Reno has recently seen several new affordable housing projects. To qualify, households must make 60% or less of the area median income, according to Larr.Īs of May 3, the threshold equates to an annual household income of $39,000 for one person or $56,000 for a family of four, according to Ulysses Development Group. Here are projected rents based on the numbers for today, which can change by the time the apartments are available:Īll units at The Ridge at Sun Valley will be reserved for tenants who meet the requisite low-income requirements set by the Department of Housing and Urban Development. Rents at The Ridge at Sun Valley will vary depending on the unit size.
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