Praxis provides development finance consulting services to Oikos Development Corporation. The land for this project was donated by Carson City.
Low-income seniors and families looking for housing will have an additional option next year at an affordable housing project in Carson City.
The Sierra Flats project broke ground on Butti Way and Airport Road in Carson City on Sept. 1. The project will have 160 affordable housing units and will be completed before the end of 2023.
The project is being constructed under the low-income guidelines set by the Department of Housing and Urban Development. Sierra Flats will cater to seniors and families who make 60% or less of the median gross income in Carson City. Rents will range between $450 and $1,150.
The project by PalaSeek LLP, Oikos Development Corp. and CM Development is one of a few public-private partnerships for affordable housing in the area. Northern Nevada is seeing a spate of multifamily construction but most have been for luxury or higher-priced apartment projects.
In Reno-Sparks, for example, average rent reached a record high of $1,680 during the second quarter, according to real estate appraisal and consulting firm Johnson Perkins Griffin. The number is more than double the average rent of $836 during the same quarter 10 years ago.
“The Sierra Flats project will bring much-needed relief to low-income renters in Carson City who have struggled to keep up with the rising cost of living here in northern Nevada,” Carson City Mayor Lori Bagwell said in a statement. “Public-private partnerships such as this are critical to ensure our community can continue to increase the number of available affordable housing units and create sustainable solutions for our housing crisis.”
Affordable housing is especially an issue in Nevada, which is facing a shortage of 84,000 affordable apartments for extremely low-income renters, according to the National Low-Income Housing Coalition. The state has 20 affordable rentals for every 100 extremely low-income households, according to the organization.
The Sierra Flats project is receiving funding from the Nevada Housing Division and the 9% Low-Income Housing Tax Credit program. The housing division is also providing HUD HOME funds as well as National Housing Trust Funds to the project to make rents affordable.
“A lack of affordable housing impacts all aspects of us — our health, our happiness and our ability to dedicate ourselves to our families and careers,” said Gov. Steve Sisolak in a statement about the Sierra Flats project.
“Getting just one more person into a home makes an incredible difference.”
Source: Reno Gazette Journal
Comments are closed.