Nevada Rural Housing Authority (NRHA) is a mission-focused local government entity established under the laws of the State of Nevada that aims to promote, provide, and finance affordable housing opportunities for all rural Nevadans. They requested a $4,380,382 loan to support the rehabilitation of a 26-unit USDA Section 515 low-income housing project located in rural Nevada.
This housing project will prolong the life of a valuable affordable housing project and renew its USDA subsidy so that the most at-risk and lowest income residents of Elko, Nevada may continue to be served. The loan will fund rehabilitation and preservation of 26 rural rental units. All of the units will be available to households with incomes at or below 50% AMI ($41,650 for a family of four) with targeted occupancy for 13 affordable units at 30% AMI, and 13 affordable at 50% AMI.
NRHA constructs, owns and operates several affordable multi-family properties in rural Nevada. In addition to administering rent subsidies, NRHA partners with a wide range of social service agencies to provide security deposit assistance, service coordination for senior residents, and referral to community social service agencies for elderly, disabled and veterans.
PCG worked with the Rural Community Assistance Corporation (RCAC) to provide a pari passu loan of $1,500,000. When combined with the loan provided by RCAC, the total amount of the loan $4,380,382 was achieved in order to continue to support quality affordable housing projects in rural Nevada.