06 August 2015
Nevada State Bank Helps Fund Affordable Housing Project in Elko

Nevada State Bank recently facilitated a $300,000 grant for an affordable housing project in Elko, Nevada. The grant from the Federal Home Loan Bank of San Francisco was awarded to Community Development, Inc. for Winchester Court, a 40-unit rental project. The $8.5 million project broke ground in August 2014 and will soon start renting apartments to Elko residents.

Winchester Court is a three-story, 45,000-square-foot building with 30 two-bedroom units and 10 three-bedroom units. Thirty of the units will serve residents earning from 40 to 50 percent of area median income, with a portion reserved for households with members who are physically disabled or victims of domestic abuse. The remaining 10 units will be rented at market rates.

Amenities include a roof-top patio and garden, an exercise room, a computer study room, a business center, a library reading room, and outdoor recreation areas with picnic areas, barbecue grills, tot playground, and access to trails. The project is designed to provide more than housing. Its residents will also have access to workforce development classes and other services on-site, arranged by a full-time Supportive Services Coordinator.

“Nevada State Bank is excited to partner with the Federal Home Loan Bank of San Francisco in providing funding for this project,” said Drew Zidzik, senior vice president and community relations manager for Nevada State Bank. “We are committed to providing solutions to community needs, and we’re proud to be able to facilitate the grant funds to fill a need for affordable housing in Elko.”

The Federal Home Loan Bank of San Francisco distributes Affordable Housing Program (AHP) funding through its member financial institutions, including Nevada State Bank. Member banks work with for-profit and nonprofit organizations in their communities to address local affordable housing needs. Projects developed with the help of AHP grants are located in cities and towns throughout the bank’s district of Arizona, California and Nevada, and in other states where its member financial institutions do business.

The Winchester Court project is a partnership between Vitality Unlimited, Community Development Inc. and the Nevada Housing Division. Community Development, Inc. (CDI) is a private nonprofit organization based in Idaho. It specializes in real estate and community development projects serving people with limited incomes and resources. All of its developments include a supportive services program and enrichment activities for the people being served. It has developed over $300 million in housing nationwide.

Vitality Unlimited is a nonprofit Nevada corporation with a long, successful history of providing community services, affordable housing, and chemical dependency treatment services. One of its roles in the Winchester Court partnership is to provide wraparound services to residents, including financial education classes, relationship workshops and referrals to local social service agencies.

Nevada State Bank has been a proud supporter of the Elko community since it opened five branches in Elko County in 2009. It has served Nevada families and businesses since its founding in 1959.

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.

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