Senior Housing in Rural Nevada Made Affordable and Safe with California CDFI
Client: Larios Apartments
Client Location: Winnemucca, NV
CDFI: Rural Community Assistance Corporation (RCAC)
CDFI Service Area: AK, AZ, CA, CO, HI, ID, MT, NV, NM, OR, UT, WA, WY
Financing
Winnemucca, a small city in north central Nevada, has a growing senior citizen population and few affordable places for them to live. Helping to meet the demand for quality, affordable housing for seniors is the Nevada Rural Housing Authority (NRHA) and Nevada Rural Housing, Inc. (NRHI).
The multi-unit and senior housing developers established the Larios Apartments, a 30-unit development for low-income seniors. To add onto the Apartments and offer residencies to the people on its waiting list, NRHI and NRHA approached Rural Community Assistance Corporation (RCAC), a Sacramento-based CDFI, for a construction loan for phase two of the Larios Apartments.
When finished later in 2016, the Larios’ new three-story residential building will feature 30 one- or two-bedroom units. Residents will also have access to a senior center with a dining and multi-purpose room, library, computer lab, business center, laundry room, and landscaped grounds.