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23rd
February
2023
Reno, NV

Nevada Affordable Housing Residents Preserved With Help From CDFI

February 23, 2023

Client: Northern Nevada Community Housing

Client Location: Reno, NV

CDFI: NewWest Community Capital

CDFI Service Area: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming

CDFI Services Provided: 

$1,140,000 in permanent financing for multifamily affordable housing with support from Finance Justice Fund

Financial and Social Impact

The interest savings provided by the new lower interest rate permanent loan allowed Northern Nevada Community Housing (NNCH) the ability to preserve the affordable housing for 84+ residents, maintain two FTEs, and continue to build a healthy replacement reserve for unit and development maintenance and enhancements. The property primarily serves  residents that are retired and on a fixed-income or disabled households.

Park Manor is located in the eastern fringe of downtown Reno, close to vital services needed by residents and along public transportation corridors to allow ease of access thorough the community.

When Northern Nevada Community Housing (NNCH) needed to refinance an existing permanent loan that had reached its maturity, they turned to NewWest Community Capital (NewWest). The lower interest rate provided by NewWest’s financing helped maintain and preserve the long-term affordability of the project.

NNCH has worked with NewWest for the past 20 years, obtaining financing for various projects in all phases of development. These include land acquisition loans, acquisition/rehab loans, and permanent financing — all at rates and terms with sufficient flexibility to ensure affordability for the most vulnerable residents of Northern Nevada.

NewWest provides flexible financing for all phases of affordable housing. This community development financial institution (CDFI) collaborates with government agencies, for-profit and nonprofit developers, and industry stakeholders throughout its market.

The NewWest team has extensive experience in lending and community development to advise borrowers and provide quality technical assistance. NewWest’s organizational model is efficient and nimble, allowing the organization to offer very personalized service, which is an important component in the long-standing relationship between NNCH and NewWest.

Park Manor Apartments

“[NNCH] develops, owns, and manages high-quality affordable housing coupled with supportive services for those most in need in our community,” said Jocelyn Kendall, assistant executive director, NNCH. Below-market interest rate financing, such as the financing provided by NewWest, allows NNCH to create and preserve this housing and provide support resources to our residents.”

Tags: Affordable Housing, Finance Justice Fund

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