Bonanza Homes
This project is a 47 unit home ownership subdivision in Reno, NV. Charles Schwab Bank is providing "silent" second mortgages on many of the homes to make them affordable for people making 80% of county-median income or less. The balance of the homes will be priced at market value.
Project site acquisition was completed through a CDFI loan for $1.2 million made possible by a $1.2 million investment from Charles Schwab Bank. U.S. Bank has made an $8.4 million development and construction loan. Charles Schwab Bank and Wells Fargo Bank are providing the mortgages. The project is now in construction.
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