Cottonwood Village
Cottonwood Village is a 44-unit multi-family rental family affordable project located in Reno, NV.
This is a Low Income Housing Tax Credit project developed by an experienced non-profit sponsor: Northern Nevada Community Housing Resources Board.
The CDFI is the permanent lender for this project. We provided a $1,350,000, 6.4% loan amortized for 30 years with a 15 year call, through an investment from Charles Schwab Bank. Additional capital for the project was provided by:
Federal Low-income Housing Tax Credits $2,438,035
HOME deferred loan 908,379
AHP Grant 264,000
Community Housing
Resources Board 82,782
State of Nevada Continuum of Care Grant 240,848
Nevada State Bank 5,000
Nevada State Bank (construction loan) 1,800,000
Deferred developers fee 200,000
The CDFI closed this loan on March 17, 2004. The project is now fully occupied.
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