6th Compact
Affordable Housing
Truckee Meadows Tomorrow (TMT) announced its affordable housing (one of the land use and infrastructure community indicators) compact with Charles Schwab Bank and partners in late 2004. Secondary issues include capacity building for Community Based Organizations (CBO) focused on affordable housing, improving financial literacy, and asset accumulation (Nevada ranks very low in this area). Compact partner, Reno Housing Authority’s Hillboro Place, was nominated in the August 2005 issue of Affordable Housing Finance as 1 of 3 “best affordability housing projects” nationally.
Over 400 units of affordable housing have been developed in Washoe County through Schwab Bank’s investing and lending partnerships, equating to more than $20 million in affordable home mortgages and $11.8 million in loans for affordable rental housing units. Almost $2 million has been given to nonprofits and public agencies to build infrastructure and programs to serve the housing needs of more people.
- Compact goals
- Implement a statewide data base that identifies housing resources and housing needs in the State of Nevada and Washoe County
- Build capacity within CBOs and developers in an effort to increase those that can support and build affordable housing (several Community Investment Programs workshops have since been conducted with the Federal Home Loan Bank of San Francisco & more workshops are being planned; capacity building has occurred in hundreds of organizations that is leading to increased assistance for local families and individuals)
- Increase the number of housing grants and funding awards in Washoe County
- Provide homeownership education and down payment assistance to low/moderate (80% of median) income individuals and families
- Increase number of affordable rental housing units
- Increase the number of affordable housing homeownership opportunities.
For more information on the Voter Turnout Compact, contact:
Nancy E. Brown, Charles Schwab Bank,