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Board approves $41.85M for Hawk View redevelopment to 199 affordable units in Reno
Summary
The board authorized up to $41.85 million in bonds to acquire, demolish and rebuild a former 100-unit public housing site into 199 affordable units in North Reno; current residents will be permanently relocated with vouchers and given return preference.
The State Board of Finance approved the Nevada Housing Division’s request to issue up to $41,850,000 in multi-unit housing revenue bonds to finance the acquisition, demolition and redevelopment of Hawk View Apartments in North Reno into 199 affordable rental units. The project will expand capacity from the prior 100 public housing units to 199 units, with 106 units targeted for households at or below 50 percent AMI.
Stephen Aichroth and Christine Hess described financing that includes direct placement with Citibank of approximately $41.85 million in tax-exempt construction bonds and a $7 million taxable construction loan that will not be issued by the Division; Hudson Housing Capital will provide roughly $32.8 million in tax-credit equity. JD Klippenstein, Director of the Reno Housing Authority, said current residents are being permanently relocated using Housing Choice vouchers and relocation assistance funded and managed by the Reno Housing Authority, with a preference offered for returning residents but no expectation all will return.
Member David R. Navarro moved approval and the motion passed unanimously. Staff noted this project is the final bond project to receive Home Means Nevada funding in the current round.
