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Board approves $21M in bonds to rehab 202 rural housing units in Fallon and Lovelock
Summary
The Board approved up to $21 million in bonds to acquire and rehabilitate 202 affordable housing units across three rural sites in Fallon and Lovelock, using a mix of USDA‑guaranteed loans, Section 515 loans, and tax‑credit equity.
The State Board of Finance approved issuance of up to $21,000,000 in tax‑exempt multi‑unit housing revenue bonds to finance the Nevada Portfolio, a scattered‑site acquisition and rehabilitation program covering 202 units at three sites in Fallon and Lovelock.
Stephen Aichroth and Christine Hess told the board the total project cost for all sites is $39.8 million; Churchill Mortgage Investments will provide approximately $13 million under a Section 538 USDA RD guarantee and an additional $6,477,631 of Section 515 USDA RD taxable loans will be provided directly by USDA. To meet the 50% test and qualify for 4% LIHTC, the division will issue up to $21 million in tax‑exempt bonds, fully collateralized at all times; Kriya LLC is expected to be the tax‑credit investor providing roughly $11,307,000 in exchange for 4% LIHTC. The Division noted the challenges of constructing and sourcing labor in rural Pershing County and described contractor sourcing and motel housing strategies for workers.
Controller Andy Matthews moved approval and Member Benjamin Edwards seconded; the motion passed unanimously.
