Affordable Housing Promotes Community Shift

by Capstak

Reno’s efforts to emerge as a city rooted in community collaboration and economic development are apparent in its attempt to rebrand. These efforts are obvious in the projects we highlight that advance the community’s sustainable, collaborative or cultural footprint. Shifting the perspective and the neighborhood shows the community’s growth can also be attributed to one of commercial real estate’s higher demand markets, affordable housing.

 

Nationally, the demand for affordable housing outweighs the supply. This is exaggerated in the Reno, Sparks area where Nevada Housing Division administrator, CJ Manthe, in an interview with the RGJ stated, “We’re kind of in a rental crisis right now in Washoe County where there are effectively zero units available that’s affordable to seniors and some families as well.”

 

The area cannot move forward with its resurgence without a conscious effort to create enough affordable housing for those who need it. Homelessness prevention and creating a workforce for the business emerging in or coming to the area is necessary to continue the community’s upward mobility. Senior, workforce and affordable housing are constants in the national market, however, five projects in the Reno, Sparks area exemplify revival for all members of the community.

 

The Summit Club
Image From Reno Land Inc.

1. The Summit Club Project, South Reno
 

The Summit Club Project intends to deliver value to the community in a myriad of ways. The development is an ally to job growth. As job creation continues in Reno and the surrounding areas, the need for affordable, workforce housing will continue as well. The development’s south Reno location provides points of access to downtown Reno, Carson City and Incline Village. All areas seeing growth in a variety of sectors requiring a diverse workforce. A varied workforce requires diversity in housing options. The Summit Club Project employs the 80/20 concept creating a hybrid of socioeconomic status. It will be the first project in Nevada to do so. Economic diversity through the use of the 80/20 bond development aims to prevent concentrated low-income areas throughout the community. The project is a part of the conscious effort to support low-income families while providing convenience to growing job markets.

 

Vintage at the Crossings
Image from GreenStreet Companies

2. Vintage at the Crossings, South Reno

 

Located at 11565 Old Virginia Road, Vintage at the Crossings, will be the first affordable senior housing development in south Reno. 230 units are available to senior families with household incomes 60 percent or less of the area median income of about $55,000. Amenities, including private outdoor spaces, a sports area, walking paths and a community garden, are paired with the convenience of a Walmart Supercenter and dining, medical services and transportation being located nearby. In a submission to the Growing Affordable Housing Program, Michael Holliday states, “The Vintage at the Crossings development also helps to address the virtual 0% vacancy rate for affordable senior housing in Northern Nevada.”

 

Lincoln Way Senior Apartments
Image From Weststates Property Management Company

3. Lincoln Way Senior Apartments, Sparks

 

Like Vintage at the Crossings, the Lincoln Way Senior Apartments help to alleviate the pressure for seniors to find affordable housing. Developed by Silver Sage Manor, the apartments are available to those over 55 who have income of about $21,000 which is 45 percent of the area’s median income. The developer, Silver Sage Manor, and the Reno Housing Authority will “be able to assist five homeless seniors with securing permanent housing,” according to the Reno Gazette Journal.

 

Alpine Haven Apartment
Alpine Haven Apartments

4. Alpine Haven Apartments, Sparks

 

Continuing with the theme of combatting homelessness in the community, Alpine Haven Apartments provides multifamily, workforce rental housing. Of the 40 units, 3 are reserved for families earning no more than 30 percent of the area’s median income. All other units are reserved for families earning less than 60 percent of the area’s median income. Additionally, 8 units are designed for those with special needs. All 40 units of Alpine Haven Apartments, located at 2010 Oddie Blvd., maintain preference for veterans.

 

St. Vincent's Crossroads Housing
Image From Catholic Charities of Northern Nevada

5. St. Vincent’s, downtown Reno

 

Revitalizing Reno is supporting commitment, grit and tenacity. Determination to innovate and further economic development is the forefront of the community’s transformation, but there is transformation occurring at an individual level. Affordable housing projects support the individual contributing to the whole of the community. St. Vincent’s provides transitional housing to those recovering from addiction. According to their website, weekly rates “allow the tenants to accumulate the necessary funds to move on to more permanent housing and establish themselves in the community.” There are 45 units available for individuals or families. The units provide a private bedroom, but tenants share a kitchen, bathroom and living area. An on-site manager provides supervision.

 

To increase the number of developments like these five, the City of Reno has developed plans moving forward. The HOME program and Low Income Housing Trust Funds (LIHTF) are two programs already implemented. Streamlining the development process, providing land for development and promoting more tax exemptions are only a few ideas to promote more affordable housing. Inclusionary zoning is also on the list of proposals which is already happening in major cities.

 

As Reno continues to move forward with a cultural and economic shift, the city will need to address all aspects of the community. Creating affordable housing for seniors, families and the workforce creates symbiotic opportunity for the community and the individual.

Community + Connectivity + Knowledge

Capstak is a market network for the commercial real estate capital markets. Capstak’s proprietary technology solutions empower the $15 trillion commercial real estate industry by enabling CRE professionals to find deals, source capital and identify trusted business partners with greater ease and efficiency. CRES provides bespoke services to enhance the efficiency of the matchmaking of capital for capital seekers and brokers advising the debt and equity CRE capital markets. The company is headquartered in Reno, Nevada with offices in New York and San Francisco. www.Capstak.com