RENO, NV - Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on the future site of Pinyon Apartments, a development that will provide 252 units of affordable housing for lower-income families in ;Reno.
"Lincoln Avenue Communities is committed to building high-quality, affordable homes in cities like Reno that are experiencing an acute housing crisis," said LAC CEO Jeremy Bronfman. "We're proud to begin construction of our first ground-up development in Nevada and to help bolster the state's affordable housing supply."
Construction of Pinyon Apartments is expected to finish in 2025. Upon completion, LAC will restrict 244 units for households earning no more than 60 percent of the area median income (AMI) and 8 units for those earning no more than 50 percent of AMI.
"LAC's investment in downtown Reno will add hundreds of units of sustainable, affordable housing for families and individuals who face elevated housing costs in their community," said LAC Senior Associate Brian Moloney. "We're grateful to our financing partners and the state and local leaders who helped make Pinyon Apartments a reality."
Pinyon Apartments was financed through a combination of Tax Exempt Bonds, 4 percent Low Income Housing Tax Credits ("LIHTC") and State Tax Credits from the Nevada Housing Division. The LIHTCs were purchased by the National Equity Fund, and the State Tax Credits were syndicated by Stonehenge. Additional financing included construction and permanent loans from Citibank, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative, which was serviced by the Nevada Housing Division and allowed this project to become a reality.
Source: Lincoln Avenue Communities