Lincoln Avenue Communities Closes Financing for New Affordable Housing Development in Reno, Nevada

 The mission-driven affordable housing group's ground-up development will create hundreds of affordable units for lower-income families in Washoe County.

RENO, Nev., Sept. 13, 2023 /PRNewswire/ -- Lincoln Avenue Communities ("LAC"), a mission-driven acquirer and developer of affordable housing, today announced that it closed on the financing for construction of Pinyon Apartments, a ground-up development that will provide 252 units of high-quality, affordable housing for families.

"Pinyon Apartments will bring hundreds of brand new, affordable homes to Northern Nevada and help counteract the region's affordable housing crisis," said LAC CEO Jeremy Bronfman. "LAC is proud to support families and individuals in Reno by closing on our first ground-up development in the state."

In the last decade, the growth of technology and manufacturing jobs in Reno has brought new workers to the area, increasing the cost of living in the city. From 2019 through 2022, the average rent of a one-bedroom apartment rose by more than 26 percent. As such, LAC will reserve 244 units at Pinyon Apartments for households earning no more than 60 percent of the area median income (AMI) and 8 units for those earning no more than 50 percent of AMI.

"LAC's investment in downtown Reno will bring relief to families and individuals facing elevated housing costs, while creating quality, sustainable, and affordable homes for generations of residents to come," said LAC Senior Associate Brian Moloney.

Construction of Pinyon Apartments is slated to finish in 2025. The affordable housing community will feature a lounge, fitness center, clubroom, and two outdoor courtyards for its residents. Units will include ENERGY STAR^® -rated appliances, patios, and walk-in closets.

LAC financed this development through Tax Exempt Bonds, 4 percent Low Income Housing Tax Credits ("LIHTC") and State Tax Credits from the Nevada Housing Division. The LIHTCs were purchased by the National Equity Fund, and the State Tax Credits were syndicated by Stonehenge. Additional financing included construction and permanent loans from Citibank, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative, which was serviced by the Nevada Housing Division and allowed this project to become a reality.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 120 properties comprising 22,000+ units.

SOURCE Lincoln Avenue Communities