Truckee Donner Senior Apartments owners looks for ways to fund remodel
The Truckee Donner Senior Apartments may be getting improvements to the units.
To help fund construction on the low income apartments the owners are applying for a state 9% low income housing tax credit, an application that Truckee Town Council agreed to support at Tuesday’s town council meeting.
Since their construction the apartments have been designated as low-income housing, meaning the residents earn no more than 80 percent of the median income.
“We don’t have a lot of rental projects that are for low income and definitely not for seniors,” said Denyelle Nishimori, community development director for the town of Truckee. “It’s hard to get money to rehabilitate projects that are older without doing a tax credit application.”
The apartments, located at 10040 Estates Drive, were built in 1982 and consist of 60 units, a large dining area and community room, manager and maintenance offices and 60 car ports.
“When this project was approved it was unique because we didn’t have a senior housing project,” said Nishimori.
If the application is approved the rehabilitation project will remodel 15 units to make them compliant with the Americans with Disabilities Act and will include roll-in showers. All 60 units will get new countertops, sinks, toilets, floor coverings, interior doors and paint. Exterior improvements include repairs to sidewalks as a result of weather damage and new roofs on covered sidewalks.
“It’s an ice skating rink and very dangerous in the winter time and they need to do something about it,” said Jesse Griffin, a resident at the Truckee Donner Senior Apartments, to the council.
“The upgrades need to be done. It’s a good place. It’s a needed place.”
Two new loans will be needed to fund construction. To do this the current owner, Cascade Housing Association, will be adding another partner, Oregon X Limited Partnership, who will have majority ownership over the apartments. Despite new ownership, nothing is expected to change for the residents, according to Nishimori.
With the addition of two more larger loans to fund the construction project, paying off the town’s loans that were initially given to the project would be of lower priority, according to Nishimori. If the owners have any financial difficulty with the project and are unable to pay off their debt, the town could be out $900,000 in loans.
“We’ve considered that a pretty small risk for investment in the project,” said Nishimori. She said the owners have been consistently paying their loans they intend to make the same payment schedule.
“It’s a financial risk but we won’t really have any opportunities like this in our community,” said Council Member David Polivy.
Hannah Jones is a reporter for the Sierra Sun. She can be reached at 530-550-2652 or email@example.com.
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At 90,000 sq. ft., Market Square Truckee is just one mixed-use components of the Railyard Project, and its entitlement will be considered by town authorities this spring.