Where: Winnemucca, Nevada

Issue: Winnemucca lacked affordable housing, particularly for low-income seniors

Outcome: RCAC’s Loan Fund provided gap financing for a low-income senior housing complex

In 2012, Nevada Rural Housing, Inc. opened a 30-unit senior housing complex called Larios Arms. It was soon fully occupied and a waiting list followed. By 2014, it was clear that the community could support additional senior housing.

In March 2015, Nevada Rural Housing, Inc. still had a gap in their construction financing for the second phase of the project, so they applied for an RCAC loan. There was a gap in development expenses as the Low-Income Housing Tax Credit (LIHTC) funds would come in only after certain milestones were reached. The LIHTC funds will ultimately pay off the RCAC debt once the final installment is made. The Loan to Value (LTV) was estimated at 74 percent.

This second phase Larios Arms consists of one-and two-bedroom units is located next to the first phase housing development, Pleasant Senior Center and Winnemucca Manor, a 20-unit senior/disabled apartment building. The three properties make up what is commonly referred to as the “senior campus” in Winnemucca. The subject project will have access to and use of the Senior Center which includes common area amenities such as a dining and multi-purpose room, a library, computer lab, business center, laundry room and landscaped grounds.

The grand opening was held on July 13, 2016 and as of December 2016 the facility was fully occupied.