Washoe County HOME Consortium Technical Review Committee Regular Meeting

HOME loan interest rate structure — Committee member Kirch questioned why Cottonwood Village's rate jumped from 1% to 4.61%. Staff clarified the original 1% was a subsidized investor loan; the new 4.61% reflects current market rates for refinancing — No resolution needed; explanation satisfied the question.

Standardized loan terms — Committee member Peters asked what rules govern HOME loan terms since different projects receive different terms. Staff clarified each project's loan terms are set individually based on financial structure, and federal HUD does not require standardized rates — No resolution needed; clarification provided.

$3,600,000 — Total HOME and Affordable Housing Trust Fund available for 2026/2027 cycle — HOME and Affordable Housing Trust Fund

$1,400,000 — The Reserve at Sparks project funding request — HOME and Affordable Housing Trust Fund

$1,200,000 — Reno Avenue Project funding request — HOME and Affordable Housing Trust Fund

$650,000 — Summit Heights Phase II revised request — HOME and Affordable Housing Trust Fund

$412,000 — CHDO funds rolling over (no Community Housing Development Organization projects selected this cycle) — HOME CHDO allocation

Final funding vote on three projects April 14, 2026 — The committee will hold a second public hearing and vote on $3.267 million in total funding requests for Summit Heights Phase II, The Reserve at Sparks, and Reno Avenue Project. Three projects are requesting nearly all available funding ($3.6 million available).

CHDO allocation status — $412,000 in Community Housing Development Organization funds is rolling to next year because no CHDO projects applied this cycle. Monitor whether 2027 applications increase.