Today, Reno Mayor Hillary Schieve announced the “1,000 Homes in 120 Days” initiative, a new City of Reno pilot program that’s meant to help stabilize rents and implement an immediate strategy to respond to the Reno housing crisis.
Key features of the initiative include:
• The City of Reno will defer sewer connection and traffic impact permit fees to accelerate the construction of 1,000 townhouse, apartment or condominium units within Opportunity Zones.
• These deferrals will be provided as a “loan” against the project, which must be repaid under a predetermined schedule through an agreement submitted by the project developer and approved by the Reno City Council.
• Developers would save up to an estimated $8,400 per unit in deferrals, to help kick start their project.
• The developer must demonstrate control of the land on which the project is proposed at the time of submission of the agreement.
• Proposals to use the program must be submitted within 120 days of the establishment of this program, and the applicant must have successfully completed the construction of at least one multi-family project valued at $10 million or more and demonstrate financial viability of the project.
• Projects must be a minimum of 30 dwelling units in size.
• Projects must start construction within 18 months of execution of the agreement for a project.
The program is scheduled to be presented to the Reno City Council for official approval on October 2, 2019.