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Praxis in the News

Desert Properties Wins 2020 Novogradac Developments of Distinction Award

10/7/2020

 
Praxis assembled the complex financing of this project, which included separate 9% and 4% tax credit financings. Since 2010, Praxis has assisted the Nevada Regional Housing Authority (NRHA) in financing 13 affordable housing projects.  

Category: 2020 Development that Best Preserves Rural Community Impact

Picture
Desert Properties
Developer and Owner: Nevada Rural Housing Authority
Location: Tonopah, NV



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Located in Tonopah, Nevada, Desert Properties was built in 1982 and had extreme deferred maintenance prior to rehabilitation. The development serves households with incomes at or below 50 percent of the area median income. Nevada Rural Housing Authority aimed to address capital items to bring the development up to modern standards, increase the energy efficiency and preserve and extend the affordability.

According to the American Community Survey, up to 42 percent of Northern Nye County are rent overburdened. The rehabilitation of The Desert Properties will prolong the life of these valuable apartments and will renew the USDA-RD subsidy to allow the developments to serve the most at-risk and lowest income residents in Tonopah for an additional 50 years. Financing for the rehabilitation included nine sources and was challenged by a ticking clock and a government shutdown.

“Mission-led is an attribute our organization takes to heart,” said Bill Brewer, executive director at Nevada Rural Housing Authority, the developer for Desert Properties. “Everyone deserves the opportunity to live in safe, clean and affordable housing, and the Desert Properties rehab project in Tonopah allowed us to put our mission into action and deliver a beautiful and refreshed community. We faced and overcame some truly unprecedented challenges, all in the name of those we serve.”

Source: Novogradac


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  • Home
  • Services
  • News
  • Projects
    • Senior >
      • Acapella Senior Apartments
      • Bonnie Lane Apartments
      • Coronado Drive Apartments
      • Chinook Wind Apartments
      • Ensemble Senior Apartments
      • Larios Arms Senior Residence
      • Lincoln Way Apartments
      • Minuet Senior Apartments
      • Neil Road Senior Apartments
      • Rose Gardens
      • Silver Sage Senior Residence
      • Tempo Senior Apartments
      • Willie J. Wynn Apartments
    • RAD/Mixed Finance/USDA Preservation >
      • Biegger Estates
      • Indigo Village
      • Landsman Gardens Apartments
      • Otto Merida Desert Villas
      • Rose Gardens
      • Southwood Apartments
      • Vera Johnson Manor B
    • Family >
      • Biegger Estates
      • Indigo Village
      • Landsman Gardens Apartments
      • Otto Merida Desert Villas
      • Vera Johnson Manor B
    • Special Needs >
      • Allegiance Apartments
      • Bonnie Lane Apartments
      • Coronado Drive Apartments
      • Fenix Estates
      • Patriot Place
      • Richard Crossing
  • About
  • Contact