A new housing complex is coming to northwest Reno.This development may help folks who’re struggling to pay higher rents.
The new 288 unit apartment complex designed by Greenstreet Companies and Vintage Housing is specifically for people who make 60% or less of the area’s median income. Take for example a family of four, that would be those who earn roughly $44,000 a year.
Dane Hillyard, a founder with Greenstreet Companies says bringing affordable housing projects into the market can help to stabilize the rising rents in our community. The only problem is these type of projects can be a challenge for developers.
Hillyard says because of labor shortages, increased building costs, and land fees, this affordable housing complex couldn't have happened without funding from the state.
“You have to apply for it, compete against other developers for it,” says Hillyard. “In this case it was a $3 million loan from the state of Nevada which made this deal work."
Construction of the one, two and three bedroom apartments are happening in northwest Reno at what used to be the Great Western Market Place parking lot. Each unit will come equipped with appliances and an exterior patio, in addition to the community amenities like a picnic area and pool.
“They can have a really high quality of life that they can afford, without stretching it, so they can also afford their car payment and other things,” says Hillyard
Affordable housing units exist in other areas of town, but city officials say we still have a long way to go in order to better combat our housing situation.
“It's getting very difficult for people who've lived here for many years and that are being pushed out by these escalating rents,” says Mayor Hillary Schieve. “It's important to really work hard on projects like this so they can stay in our community."
Hillyard anticipates the monthly rent of his apartments to range from the mid $700s to $1100s depending on the unit size. He hopes to have people moving in by July of next year.
Officials with the Housing Authority of the City of Reno also want to see more affordable housing projects because of the demand from residents for federal help. Brent Boynton says about 2,000 families are on a waiting list to receive voucher assistance from the RHA.
“We have another 250 people who have housing choice vouchers but they may spend two months trying to find a place to live that’s cheap enough and where landlords accept vouchers,” says Boynton. “Our rents have gone up far more than the average wages for our area and that makes people uncomfortable.”
