Where: Winnemucca, Nevada
Problem: Low-cost, energy-efficient and sustainable housing for seniors was in short supply.
Solution: RCAC provided a $3.4 million loan to complete a senior housing community.

Winnemucca, Nevada offers appealing outdoor recreation activities and 24-hour gaming, but affordable housing is in short supply, especially for seniors. Nearly a quarter of Winnemucca’s population is estimated to be 55 and older, and the greatest growth is expected to occur among residents between ages 65 and 74.

The Nevada Rural Housing Authority (NRHA) and Nevada Rural Housing, Inc. (NRHI) completed a Winnemucca housing project for low-income seniors called Larios Apartments Phase I in 2012. The low-cost, energy-efficient and sustainable 30-unit complex is now fully occupied and has a waiting list. To help meet demand, RCAC’s Loan Fund provided a $3.4 million loan to construct phase II.

NRHA had a tax credit investor but was having difficulty with the underwriting and due diligence process with its conventional lender as financing for projects in rural communities is still difficult to obtain. RCAC approved and closed the construction loan to get the project underway.

Now, thanks to RCAC’s loan, NRHA and NRHI look forward to completing more affordable housing to low-income seniors in the community. As of early 2016, the Larios Apartments expansion is half completed and is expected to open later this year.