Joseph's Inn
Joseph's Inn is a 29 unit homeless shelter in downtown Reno. The CDFI refinanced its high interest, short term first and second deeds of trust to assure continued project affordability. Fannie Mae investments provided $200,000 of the loan amount with additional capital being provided by Wells Fargo and Charles Schwab Bank. In addition, the project proponents, Community Housing Resources Board had secured a $252,000 HOME deferred payment loan for rehabilitation of the property along with a $5,000 grant from ARCO.
Joseph's Inn rents only to individuals that are homeless. The definition of "homeless" includes people who are currently renting in weekly motels, people who are in transitional or rehabilitation housing, and people who come from shelters or are being evicted from their current residence for a cause beyond their control (such as the building being sold, fire damage, etc.). Many of the current tenants are either low-wage workers from the casino industry or are on some kind of Social Security benefit. The building has a low turn-over rate and has a typical vacancy rate of less than 4%.
The HAP contract for rent subsidy is attached to 22 of the 29 rental units. The applicant must meet all RHA guidelines and eligibility standards. When the applicant is approved by CHRB and by RHA, they will pay approximately 1/3 of their monthly income, or $50, whichever is more, directly to CHRB for rent. The Reno Housing Authority will pay NNCHRB the balance of the monthly rent, which is determined by RHA. The other seven units have a lower rental rate, as determined by HOME funds, and the tenants are responsible to pay the full monthly rate.
The current rent schedule for Joseph's Inn Apartments:
2003/2004 RHA unit rent (including utilities) rent for $477/ mo;
HOME units (including utilities) rent for $400/ mo.
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