Desert Properties Receives Novogradac Developments of Distinction Award
Written by Shelby Kuhlman
29 SEPTEMBER 2020
Nevada Rural Housing Authority to Receive Recognition at the Novogradac 2020 Credit and Bond Financing for Affordable Housing Virtual Conference
SAN FRANCISCO—Nevada Rural Housing Authority is proud to announce that it was awarded a Novogradac Journal of Tax Credits 2020 Developments of Distinction Award for its development Desert Properties. The development will receive an award as the low-income housing tax credit (LIHTC) development that best exemplifies rural community impact. Nevada Rural Housing Authority and Desert Properties will receive recognition at the Novogradac 2020 Credit and Bond Financing for Affordable Housing Virtual Conference, Oct. 1-2.
“Mission-led is an attribute our organization takes to heart,” said Bill Brewer, executive director at Nevada Rural Housing Authority, the developer for Desert Properties. “Everyone deserves the opportunity to live in safe, clean and affordable housing, and the Desert Properties rehab project in Tonopah allowed us to put our mission into action and deliver a beautiful and refreshed community. We faced and overcame some truly unprecedented challenges, all in the name of those we serve.”
Desert Properties, in Tonopah, Nev., was built in 1982 and had extreme deferred maintenance prior to rehabilitation. The rehabilitation of The Desert Properties will prolong the life of these valuable apartments and will renew the USDA-RD subsidy to allow the developments to serve the most at-risk and lowest income residents in Tonopah for an additional 50 years.
Nevada Rural Housing Authority aimed to address capital items to bring the development up to modern standards, increase the energy efficiency and preserve and extend the affordability. The development serves households with incomes at or below 50 percent of the area median income. Financing for the rehabilitation included nine sources and was challenged by a ticking clock and a government shutdown.