National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Virginia Lake Apartments

Virginia Lake Apartments

Senior Housing

Virginia Lake Apartments is a new 66-unit senior affordable housing development in southwest Reno, Nevada. Located on three acres just east of Virginia Lake, a pubic manmade lake with a walking path and playground, the building was designed to blend with the adjacent Victorian-style townhomes.

The 56 one- and 10 two-bedroom apartments serve independent seniors age 55 plus with incomes at or below 50 percent of Area Median Income. Each residence features central air/heat, two ceiling fans, washer/dryer, energy-efficient hot water/heater system, patio/balcony and individual locked exterior storage.

The 65,000 square-foot complex offers a community room, library, fitness room, computer room and free access to the internet, outdoor picnic tables, BBQ grills and a wellness room for basic exams.

Its sponsor, the Community Services Agency Development Corporation (CSADC) is a non-profit development corporation that has developed 16 LIHTC projects. On each of those projects CSADC has been the primary sponsor but has worked in conjunction with consultants Ann Harrington and Robert Nielson, both industry experts.

National Equity Fund® invested $7.9 million of LIHTC equity in Virginia Lake.


Project Details

Completed
2013
Location
197 Cadillac Place
Reno, NV
Project Type
Elderly
Total Units
66
Mix of Residences
56-1 br, 10-2 br
Limited Partnership
Virginia Lake Senior Partners, LP
Tax Credit Equity
$7.9 million
Total Project Costs
$11.2 million
Sponsor
Community Services Agency Development Corporation
Permanent Lenders
Idaho-Nevada Community Development Financial Institution, Inc.

Washoe County Home Consortium
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