1,000 Homes in 120 Days Update
Earlier this year, the Reno City Council approved the innovative “1,000 Homes in 120 Days” initiative.
The plan calls for the deferral of some city fees for new housing developments. The goal is to spur the construction of environmentally and socially conscious infill housing within the City’s urban core by temporarily lowering startup costs for builders.
While the program ends in January, the City of Reno wants to provide the community with a midpoint update on proposals and where the program goes from here.
“We know housing is the leading challenge in our city,” Mayor Hillary Schieve said. “Our staff created this bold plan that helps speed up new housing, but also makes sure the city gets every dime it’s owed. A true win-win.”
So far, more than one dozen projects with over 1,600 total units have been proposed, far outpacing expectations. There likely will be more proposals coming before the 120 day time period is up.
Submissions have to follow strict criteria to be considered:
- The City of Reno will defer (not waive) sewer connection and traffic impact permit fees to accelerate the construction of 1,000 townhouse, apartment or condominium units within Opportunity Zones (see map below).
- These deferrals will be provided as a “loan” against the project, which must be repaid under a predetermined schedule through an agreement submitted by the project developer and approved by the Reno City Council.
- Developers could defer up to an estimated $8,400 per unit, to help kick start their project.
- The developer must demonstrate control of the land on which the project is proposed at the time of submission of the agreement.
- Proposals to use the program must be submitted by January 30, 2020, and the applicant must have successfully completed the construction of at least one multi-family project valued at $10 million or more and demonstrate financial viability of the project.
- Projects must be a minimum of 30 dwelling units in size.
- Projects must start construction within 18 months of execution of the project agreement.
The Reno City Council will be given an update on the initiative this coming Wednesday, December 11, and will provide direction to staff about the next steps.