With rent and housing prices skyrocketing in northern Nevada, many working families have been struggling to afford a roof over their heads. A new housing project is underway in South Reno, in an effort to balance that.
The groundbreaking was a small step toward what is hopefully a sign of things to come for more local affordable housing. The 360 unit "Steamboat by Vintage" complex will come with a full range of amenities, with an internal recreational trail. It will span across almost 19 acres near Steamboat Creek,
Dane Hillyard, Co-Founder for GreenStreet Companies--the developers of the project says, "It's designed for people that make 60% or less of the area median income, which is a very typical job that makes in the $15 an hour type range."
It will be income-restricted for families who make under $40,000 a year. Rent will be $500 or more below the going market rate. Mayor Hillary Schieve, who was in attendance at Tuesday's groundbreaking explains, "A one bedroom will be about $750, two bedrooms about $950, so certainly very affordable."
it's difficult to create affordable housing with the cost of labor, lumber and land skyrocketing; but private and public partnerships made "Steamboat by Vintage" possible. Home funds from the city and county, along with a generous gap loan from the state made the approximately $50 million project a reality.
Recent changes to the federal affordable housing financing program also played a big role. Hillyard explains, "They designate parcels by zip code where they want to encourage affordable housing and it gets you the tax credits in that zone."
The project is aptly located near the newly opened Southeast Connector, which officials hope will ease the flow of traffic, as well as connecting the growing workforce with housing options. Naomi Duerr, City Councilwoman for Ward 2 said at the groundbreaking, "For those people going out to the TRI-Center or to Sparks-- they can avoid the interchange at I-80 and 395."
Federal funds require it to remain affordable for at least the next 20 to 30 years. GreenStreet Companies are developing the complex while Vintage Housing will assume the ongoing, long-term operation of it.
Floor plan options will range from one bedroom to three bedrooms. If everything goes according to plan, construction should be completed by next summer.
