The Nevada Rural Housing Authority (NRHA) has recently earned a prestigious distinction.
The authority announced that it was awarded the Novogradac Journal of Tax Credits 2020 Developments of Distinction Award for its development, Desert Properties in Tonopah.
Novogradac is a national professional services organization consisting of affiliates and divisions that provide professional services including certified public accounting, valuation and consulting with more than 25 offices nationwide.
As such, the NRHA received the recognition at the Novogradac 2020 Credit and Bond Financing for Affordable Housing Virtual Conference this month, according to a news release.
“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.”
Built in 1982, Desert Properties had “extreme-deferred maintenance” prior to its rehabilitation, the release stated.
According to Novogradac’s website, the development serves households with incomes at or below 50 percent of the area median income.
“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 website noted. “According to the American Community Survey, up to 42 percent of Northern Nye County are rent overburdened.”
Additionally, the rehabilitation of Desert Properties will prolong the life of these valuable apartments and will renew the USDA Rural Development subsidy to allow the developments to serve the most at-risk and lowest income residents in Tonopah for an additional 50 years, according to Novogradac.
“Financing for the rehabilitation included nine sources and was challenged by a ticking clock and a government shutdown,” Novogradac noted.
Contact reporter Selwyn Harris at email@example.com. On Twitter: @pvtimes