Pilgrim's Rest
Pilgrim's Rest is a small seven unit senior housing project in Reno, NV. The CDFI provided a $300,000 permanent loan using capital from Nevada State Bank and Wells Fargo. The project consists of seven separate small cottages; all are one-bedroom units. The cottages function more as individual homes, but are rented and managed as one complex. There are individual parking spaces for each unit. There are backyards for each unit as well as common areas in front of the units. The project is occupied by persons whose incomes qualify at or less than 50% of area median income and who are 55 years of age or older. The rents will be 30% of the household's income due to the allocation of Section 8 project-based rental subsidies provided by the Reno Housing Authority.
Total project development cost was $975,697. Of this amount, $675,697 comes from Washoe County HOME Consortium and other grant funds. Nevada Security Bank provided a $300,000 construction loan.
The project was developed by the Pilgrim's Rest Church and is managed by the Reno Housing Authority.
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