Reno Mayor Announces Plan To Jump Start Housing Construction
RENO, Nev. (AP) — Reno Mayor Hillary Schieve has announced an ambitious plan to jump start the construction of 1,000 homes in 120 days.
Schieve said Wednesday the pilot program would help combat the city's housing crisis by deferring fees the city charges for such things as sewer hookups and road infrastructure until the back end of the project.
The deferrals would be provided as loans worth $8,400 per unit to be repaid under a predetermined agreement with the city.
Eligible developers must have already completed construction of at least one multi-family housing project worth at least $10 million.
They also must plan to build a minimum of 30 townhouses, apartments or condominiums in designated "opportunity zones" and begin construction within 18 months of execution of the city agreement.
Schieve intends to present the plan to the city council Oct. 2.