Big changes changes coming up in the Butti Way area
The AVAILABLE PROPERTY encompasses 6.31 acres of real property, more or less, and is zoned Multi-Family Apartment (MFA). Although the PHASE 2 PROJECT is not yet finalized, based on the lot shape and the current plan, it is envisioned that the SIERRA LOFTS PROJECT and PHASE 2 PROJECT will consist of four 3-story buildings with a total of one hundred and sixty (160) units of mixed income affordable/workforce housing available for rent to income-qualified individuals. Each building will have 40 units. One of the buildings will be reserved as senior housing for households age 55 years or older. The other buildings will be targeted to families.
It is envisioned that sixty-three (63) of the total units will be 1-bedroom units (approximately 650 square feet in size), sixty-seven (67) of the total units will be 2-bedroom units (approximately 850 square feet in size), and up to thirty (30) units may be 3-bedroom units (approximately 1150 square feet in size).
The SIERRA LOFTS PROJECT and PHASE 2 PROJECT are intended to primarily house seniors and families whose income does not exceed sixty percent (60%) of the median gross income (as determined by the Department of Housing and Urban Development “HUD” for Carson City), compared to other families residing in Carson City; however, sixteen (16) of the eighty (80) units making up the SIERRA LOFTS PROJECT are not income restricted.
The SIERRA LOFTS PROJECT will provide a ten percent preference for veteran households. The SIERRA LOFTS PROJECT will be financed through a mix of 9% Low Income Housing Tax Credits, HOME, National Housing Trust Funds, and/or other public sources and conventional sources. The specific funding mechanisms for the PHASE 2 PROJECT are not yet settled. The SIERRA LOFTS 9% PROJECT will receive a property tax exemption to contribute to the financial viability of the projects.
The SIERRA LOFTS PROJECT will provide affordable housing units through income and rent targets at least as low as indicated in the two Area Median Income (AMI) target tables below:
Sierra Flats Senior (40 units of senior housing)
Senior 1-bedroom 11 50% AMI 30% AMI
Senior 1-bedroom 16 50% AMI 40% AMI
Senior 1-bedroom 5 50% AMI 50% AMI
Senior 2-bedroom 1 50% AMI 30% AMI
Senior 2-bedroom 1 50% AMI 40% AMI
Senior 2-bedroom 6 50% AMI 50% AMI
Sierra Flats Family One (40 units of family housing) (Part of the SIERRA FLATS PROJECT )
Family 1-bedroom 4 50% AMI 30% AMI
Family 1-bedroom 10 50% AMI 40% AMI
Family 1-bedroom 4 50% AMI 50% AMI
Family 1-bedroom 10 Non-restricted Non-restricted
Family 2-bedroom 2 50% AMI 40% AMI
Family 2-bedroom 4 50% AMI 50% AMI
Family 2-bedroom 6 Non-restricted Non-restricted
The PHASE 2 PROJECT is anticipated to provide an additional eighty (80) units of family housing on the PHASE 2 PROPERTY, which would require a separate development agreement with CARSON CITY.