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
Developer and Owner: Nevada Rural Housing Authority
Location: Tonopah, NV
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.”