New community development integrates workforce housing to meet demand
March 7, 2017
A ground breaking ceremony on Friday, March 3 marked the launch of a housing community designed with working Nevadans in mind. To meet the increased need for housing in northern Nevada, Reno Land Inc. and Klein Financial Corp. will begin work on The Summit Club, a Santa Barbara village- style apartment development on Interstate Highway 580 and Mount Rose Highway, next to the Summit Mall.
The 574-unit apartment community has devoted 155 of its units as part of an initiative to provide high quality rental residences affordable to working families, seniors, and veterans, whose incomes are less than $34,050 per year (est. 2018) at 50 percent of median to $44,100 per year (est. 2018) at 60 percent of median. These families, seniors, or veterans who would otherwise not be able to afford adequate housing in the area. This allows households earning less than 50 to 60 percent of the average median income in Reno — to live in a high quality one-bedroom or two-bedroom apartment for less than half the market rate.
"We're filling a serious need in the Reno area," said Chip Bowlby, President and CEO of Reno Land Inc. in a press release "As our economy continues to improve, it is up to us to provide quality housing for working Nevadans. The Summit Club ensures that our families are able to live in good neighborhoods by quality schools."
Of the 155 workforce units, there is also a limited number of units who will benefit from a federal program that reaches lower incomes; 11 families, seniors, or veterans will participate in the HOME Investment Partnership Program (HOME), which provides housing grants to help residents who have low and very low incomes. Three of the units will be available to tenants whose income is 30 percent of Reno's median income and eight units to tenants whose income is 45 percent of the median.
"Workforce and market-rate units will be integrated throughout the well-designed community," said Robert N. Klein, president of Klein Financial Corp in a press release. "Even a resident will not know which units are market rate and which are designated for workforce housing." Klein stated, "the entire development is built to reach the highest level of amenities and quality available in the Reno apartment market; the Workforce units look identical to the market rate units."
Klein, widely recognized for innovative strategies to meet the housing needs of working families, has worked with communities and public-minded investors to create more than 14,000 apartment homes. Klein Financial represents and partners with CalPERS in California, on major apartment developments that include a component that is affordable to families starting out in public service jobs, retail, and general employment with lower salaries, common at the beginning of a career. Klein Financial Corp. and Reno Land Inc. worked closely with the Nevada Housing Division and the City of Reno to develop a financing package allowing the 155 units to be workforce housing. Additionally, the state agency issued $90 million in housing revenue bonds to help finance The Summit Club. These bonds carry a favorable interest rate and provide federal tax credits for the project.
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"The Summit Club provides convenient transportation options on I-580 and Mount Rose Highway," said Bowlby. "And, a nearby public transportation hub provides access to employment centers in Reno, Carson City and Incline Village. The children living here can attend some of the best schools in Washoe County, including Galena High School, Edward L. Pine Middle School and Elizabeth Lenz Elementary School."
The amenity-rich community, will include a mix of 31 two-story and three-story buildings, each including 12, 18 or 26 apartment homes. Apartments will be available in one, two and three-bedroom designs.
Amenities include two clubhouses, two swimming pools, fitness center, rose garden, water fountains, barbecue and picnic areas, dog parks, bicycle x-it station, children's playground, volleyball and bocce ball courts and hammocks where residents can relax and enjoy great views of City light view of Reno and the Sierra Nevadas.
Located at the entrance to The Summit Reno, there's a great connection within walking distance to extensive shopping, dining and recreation opportunities, including "The South Valleys Regional Sports Complex," one of the best sports parks in northern Nevada.
The project has won the support of the Reno City Council, the city's Neighborhood Project Review process, and the State of Nevada Housing Division.