American real estate developer Lincoln Avenue Communities (LAC) has broken ground on a new affordable housing project in Reno, Nevada, US.
The project, named Pinyon Apartments, will feature 252 apartment units for lower-income families within the city.
LAC CEO Jeremy Bronfman said: “Lincoln Avenue Communities is committed to building high-quality, affordable homes in cities like Reno that are experiencing an acute housing crisis.
“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 work is anticipated to be completed in 2025.
Once completed, LAC will provide 244 units to households earning under 60% of the area median income (AMI) and eight units to those earning less than 50% of AMI.
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LAC senior associate Brian Moloney said: “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.
“We’re grateful to our financing partners and the state and local leaders who helped make Pinyon Apartments a reality.”
Pinyon Apartments was funded via a mix of Tax Exempt Bonds, 4% Low-Income Housing Tax Credits (LIHTC), and Nevada Housing Division State Tax Credits.
The National Equity Fund acquired the LIHTCs, and Stonehenge syndicated the State Tax Credits.
Further funding for the project came from Citibank construction and permanent loans, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative that was serviced by the Nevada Housing Division.
Last month, LAC also commenced construction on a new affordable residential development project in San Antonio, Texas, US.
This project will see the construction of 308 affordable housing units.