HUD SALUTES NEW RENO SENIOR HOUSING
Recovery Act Funds Working for Northern Nevada

RENO - Housing and Urban Development (HUD) Regional Administrator Ophelia Basgal today congratulated Reno
officials for their successful use of Recovery Act funds at the unveiling of the new 55-unit River Project Senior Housing Development. Reno and Northern Nevada have been awarded approximately $56 million through HUD
programs.

"This part of the job will be the easy work," said Basgal, surrounded by heavy earth-moving equipment as the site is prepared for development. "The hard work was putting together the financing from the City and HUD and other funders that made this development a reality."

"It takes commitment, long hours and an unsurpassed optimism," noted Basgal. "But one day you're able to stand on
a bare piece of land like this, see the first shovel of dirt turn over and know that it won't be long before this is home for 55 families."

"The City is pleased to be working with HUD, the State Housing Division and our local partners on a project that provides construction jobs and creates affordable housing for seniors," said Reno Mayor Robert Cashell. "I'd like to thank all the agencies involved with leveraging the resources that financed the River Project Senior Housing development. I think we're moving forward with a project we can all be proud of."

The River Project Senior Housing Development will have 45 one-bedroom units and ten two-bedroom units and a community room, computer lab with free internet access, an exercise room with equipment and an outdoor patio/barbecue area. The projected completion date is July 1, 2011. A waiting list for applications will be established starting April 1, 2011. Units will rent from about $540 to $720 for the two-bedroom units.

The River Project Senior Housing Development is being developed by Community Services Agency Development Corporation and River Senior Partners. The River Project will be funded by HUD's HOME Investment Partnership program, the U.S. Treasury's ARRA-funded Tax Credit Exchange Program (TCEP), and private lenders. The Washoe County HOME Consortium and the Nevada Housing Division are administering the HOME and TCEP programs for the project

The American Recovery and Reinvestment Act funds efforts in local communities through several federal agencies, including HUD, Treasury, Transportation, the Environmental Protection Agency and others.

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HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's
fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.