The state Finance Board has granted approval for the Housing Division to issue bonds for a major affordable apartment complex in North Carson City.
Parkway Plaza Apartments will be created by combining the Broadleaf and Sagewood apartment complexes along College Parkway.
The Finance Board vote allows owners of the project to get a lower bond interest rate because the bonds are backed by the state. In return, owners agreed to set the rental rates at 60 percent of the median rate for this area or less, making the apartments affordable for those on reduced or fixed incomes.
Housing Division Chief Financial Officer Lon DeWeese said up to $13.25 million will buy and completely rehabilitate the apartment complexes. He said rehabilitation includes new furnaces and air conditioners, low-energy loss windows and insulation throughout the complexes as well as cosmetic work.
The result will be a complete modernization of the two apartment complexes built in the 1980s.
DeWeese said the work will take more than two years to complete.
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