Housing Division announces bond closings

The Nevada Housing Division has announced the closing of its first Single-Family Mortgage Purchase Program bond issue of 2002, the 2002 Series A.

This bond sale will generate about $30 million in funds for qualified first-time home buyers of low- and moderate-income families.

The 30-year mortgage will be offered at a fixed interest rate of 6.48 percent, with no discount points.

Through this issue, about $1.5 million will be made available at an interest rate of 6.2 percent for energy-efficient mortgages.

Eligibility requirements include being a first-time home buyer, and having an annual income at or below $57,500 for a household of one or two persons, or $66,125 for a household of three or more.

In addition, the division recently closed $14 million in tax-exempt bonds to finance the construction of City Center Apartments, a 300-unit complex on Bridger Avenue, between 8th and 9th streets in downtown Las Vegas. It will have 180 studio apartments, 100 one-bedroom units, and 20 two-bedroom units at monthly rental rates ranging from $500 to $650.

The development is targeting its units for seniors and for those residents who work downtown whose earnings are at 60 percent to 50 percent below area median income.

SDA Inc., a Reno-based corporation, is the developer, and will provide on-site management, 24-hour security, 2,000 square feet of retail space and a two-story parking garage.

For more information about the division's programs, visit its Web site at www.nvhousing.state.nv.us or call 486-7220, ext. 2.

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