Coldwater Capital LLC is requesting a tax-increment financing plan for 521 Lake Street Workforce Housing Project – its planned 107-unit apartment complex in Reno.
Each unit in the $23.9M apartment building will average 393SF. Rent will be expected to be around $1,270/month, which developers say is 45% of the Area Median Income. While amenities on the site will be minimal, units will feature full kitchens and bathrooms, while also having in-unit washers/dryers.
Developers cited the City of Reno Housing Needs Assessment from 2025 that found the city needs more than 9,000 housing units below 80% AMI.
Developers are requesting $1.8M in tax-increment financing. TIF allows developers to redirect future increases in tax revenue to fund the project. Reno’s TIF policies ensure the City does not take on debt.
A financial gap analysis prepared by SB Friedman found the project is $3.1M away from proper funding; therefore, the $1.8M requested would not cover all the necessary funding.
The Reno Redevelopment Agency, during its April 22 meeting, decided to table the consideration of TIF funding until June. This allows the Redevelopment Agency to further discuss its upcoming budget.
Developers will be able to return to the Redevelopment Agency at a later date to seek additional funding to cover the gap.
