Autumn Village
This is a 47 unit senior affordable housing project located in a CDFI eligible area of Carson City, Nevada.
This is a low-income housing tax credit project with a total development cost of $5,024,598. The tax credit investor will provide $4,179,049 and the applicant has secured $127,500 in HOME funds (in the form of a deferred payment loan).
The project was developed as a partnership between Community Development, Inc. (CDI) an experienced Idaho based developer of affordable housing, and Citizens for Affordable Housing, Inc. (CAHI) a housing development non-profit corporation based in Carson City which serves rural northern and western Nevada. The project is owned by a limited partnership comprised of the equity investor, the Richman Group, and a partnership of CDI, CAHI and the Carson City Senior Citizens Center.
Through investments from Charles Schwab Bank and Irwin-Union Bank, the CDFI is making a $775,000, 30 year loan with a 16 year call, priced at 6.25%.
|
