The Department of Business and Industry Housing Division has announced the sale of bonds for its second single-family bond issue of 2000, the 2000 Series B Single Family Mortgage Purchase Program. This bond sale will generate approximately $35 million in funds for qualified first-time homebuyers of low- and moderate-income families.

The 30-year fixed rate mortgage will be offered at an interest rate of 7.17%, with no discount points.

Participating lending institutions have been registering loans on behalf of borrowers over the past month. These registered loans total over $15 million leaving $17,005,000 available May 1 for eligible homebuyers.

Nevada Housing Division mortgage loans are available to persons and families of low- and moderate- income who have never owned a home or who have not had an ownership interest in a principal residence within the past three years. Eligibility requirements also includes showing an ability to pay the mortgage loan, show credit worthiness and job stability. The maximum income limit for a household of one or two is $53,600 and is $61,640 for a household of three or more. These income levels are established in accordance with federal guidelines and based upon a percentage of the statewide median income.

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Standard & Poor's Rates Nevada Housing Division Issuer Credit Rating AA-

The Nevada Department of Business and Industry Housing Division has been given an issuer credit rating of AA- by Standard & Poor's.

Standard & Poor's has given the Nevada Housing Division these high marks as they look at the Division's past performance of showing strong earnings quality and financial performance; high asset quality; and strong management.  Additionally, Standard & Poor's cites the Division's position within state government, and its strong relationship with other branches of state government as a positive influence.  Nevada's diverse and growing economy has fueled the demand for housing throughout the state and has been a factor as well in the bond rating.

"All of these factors provide an added boost to the marketability of the Division's bond issues," said Charles L. Horsey, Administrator, Nevada Housing Division.  "This boost gives us a superior rating in the bond market which means lower mortgage rates for Nevada's low- to moderate-income first-time homebuyer."

The Nevada Housing Division plays a main role in Nevada as the provider of below market rate mortgage loans and other housing programs for low- to moderate-income state residents.  Additionally, the Division is the state's administrator for the HOME Investment Partnerships Program and the Low-Income Housing Tax Credit Program.

According to Standard & Poor's, the Division has developed and maintained a high-quality asset base that ensures steady income.  Revenues for the Division are primarily generated from single family loans, most of which carry FHA insurance or VA guarantees.  By statute, the Division requires all its multi-family loans to be credit enhanced.  Multi-family loans comprise a growing proportion of the Division's assets, which places some restrictions on income while augmenting the quality of earnings.  Nevertheless, profitability ratios compare well with similar housing finance agencies.  Leverage ratios are appropriate for similarly rated agencies, and are more than adequate for an agency of Nevada's low-risk profile.

The Nevada Housing Division's proportion of multi-family loans is significantly higher than other state housing finance agencies in the western United States.  Despite lower revenues resulting from multi-family activity, profitability has enabled fund equity to continue to surpass previous high levels.  The Division's debt consists entirely of 'AAA' and 'AA' rated issues, reflecting quality of pledged assets, cash flow sufficiency and loan loss coverage protection.  The Division has little general obligation debt, and generally relies on fixed-rate tax-exempt debt.

A strong Nevada economy, the fastest growing in the country, has fueled the demand for housing.  Net issuance, by the Division, has been nearly $110 million annually over the last five years.  The Division keeps a low-risk profile through over-collateralization, security, and mortgage insurance guarantees for loans.

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Nevada Housing Division To Release First Single Family Bond Issue of 2000

The Department of Business and Industry Housing Division has announced the sale of bonds for its first single-family bond issue of 2000, the 2000 Series A Single Family Mortgage Purchase Program.  "This bond sale will generate approximately $28 million in funds available for Nevada's first-time homebuyers of low- and moderate-income families," said Charles L. Horsey, Administrator, Nevada Housing Division.

"Participating lending institutions have been registering loans on behalf of borrowers for the past few months," reported Nancy Corbin, Deputy Administrator, Nevada Housing Division.  Corbin goes on to say that the Division has already registered loans totaling over $22 million, which represents all the funds available in non-targeted areas.  Approximately $5 million is still available for targeted areas.

The 30-year fixed rate Nevada Housing Division mortgage loans will be offered at an interest rate of 7.35% with n o discount points.  Nevada Housing Division mortgage loans are available to persons and families of low- and moderate-income who have never owned a home or who have not had an ownership interest in a principal residence within the past three years.  Eligibility requirements also includes showing an ability to pay the mortgage loan, show credit worthiness, and job stability.  The maximum income limit for a household of one or two is $51,700 and is $59,455 for a household of three or more.  These income levels are established in accordance with federal guidelines and based upon a percentage of the statewide median income.

The Division anticipates the release of its next bond issue towards the latter part of April 2000.
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January 27, 2000   

Housing Division's Tax Credit Program Supports Senior Projects      

Nevada's Tax Credit Program encourages creation of low-income rental apartments by offering investors a credit against their income taxes for part of the cost of developing such housing.  Through legislative mandate in 1987, the Nevada Department of Business & Industry Housing Division was designated as the administrator of the Federal Low-Income Housing Tax Credit Program.
        
 "Each year the amount of tax credit requested exceeds the amount of tax credit available by more than three times," reports Charles. L. Horsey, Administrator, Nevada Housing Division.  "Needless to say, the Program is extremely competitive.  Nevada's allocation is approximately $2,500,000 annually; our requests are usually in the range of $7 million. This allows us to ensure that only the best projects for the State are awarded tax credits".
         
With Nevada's growth rate far exceeding the national average, and with the senior population representing a significant part of this growth, the Housing Division has been dedicated to providing high-quality, affordable housing to this segment of the population.  "This is extremely important for us", reports Horsey, "As so many of these seniors are living on fixed incomes and cannot withstand the high-end rental market rates".
     
During 1999, the Housing Division, through the Tax Credit Program awarded tax credits to five developments in Southern Nevada representing 285 rental units targeted for seniors.  Of these units, 14%, or 40 units, will be available to eligible 55+ persons whose annual incomes are  between $10,890 to $12,890.  The maximum rent these individuals would pay for a one-bedroom unit would be $234 and $288 a month for a two-bedroom unit.
     
Seventy-seven percent or 218 units will be available to eligible seniors, with qualifying annual incomes between $14,520 and $16,600, at a maximum rent of approximately $331 for a one-bedroom unit and $405 for a two-bedroom unit.
     
The Division's senior housing tax-credit awarded projects during 1999, were:  the 25-unit Shadow Creek Apartments at 420 Ryan Street in Overton; the 56-unit Buena Vista Springs at Morton and Helen Avenues in North Las Vegas; the 72-unit Stewart Pines Senior Living Apartments at 1301 E. Stewart in Las Vegas; the 60-unit Tropical Pines Senior Housing at Tropicana and Reno Streets in Las Vegas; and the 72-unit Owens Apartments at Owens Ave. and Davis Place in Las Vegas.
 
Additional information about the Tax Credit Program may be obtained by contacting Mark Licea in the Division's Southern Nevada office at 486-7220, ext. 226. -30-   For Immediate Release
Contact:  Jean Norton, 486-7220, ext. 224

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September 27, 1999 

Nevada Housing Division Plans 4th Annual Art Contest  

The Nevada Department of Business & Industry Housing Division in partnership with the Clark County School District School-Community Partnership Program plans the fourth annual art contest for Southern Nevada's children from kindergarten through fifth-grade levels.

Students are asked to submit their two-dimensional artwork on paper 9-by-12-inches to 12-by-18 inches in dimension. The theme of the art contest is "Where I Live".  Students should express this theme by either drawing their home or a make-believe place that they would like to call home.

Entries must be submitted by November 16, via school mail to:  Candy Schneider, assistant director, School-Community Partnership Program.  Entries submitted should be labeled on the back with the student's name, grade level, and school and teacher's name.  A panel of local artists and community officials will judge the entries.

The juried art exhibit will be on display January 3, through January 31, 2000, in the lobby of the Grant Sawyer State Office Building.  An artist reception will be held Tuesday, January 4, 2000, at 5:00 p.m.for the art contest winners.  Contest supporter, Pardee Homes, awards cash prizes to the 1st, 2nd, and 3rd place winners.  The juried winners, judge's choice winner, and nine honorable mentioned entries will be featured in the Nevada Housing Division's 2000 Calendar.

All participating artists are given certificates in recognition of their work.  Each year approximately 500 children participate in the art contest.  Charles L. Horsey, Administrator of the Nevada Housing Division, said this contest has been very rewarding for the agency.  It is a beginning to exposing children to a deeper meaning of housing whether it be single family or an apartment complex.  You can perceive through the drawings the thought the children give to their neighborhoods and how they are influenced.

For businesses who would like to participate in and help sponsor calendars, and for teachers who have questions about the contest, they should contact Jean Norton at 486-7220, ext. 224.

The Department of Business and Industry Housing Division has announced the sale of bonds for its third single-family bond issue of 1999, the 1999 Series C Single Family Mortgage Purchase Program.  “This bond sale will generate $22,225,000 in funds available for Nevada’s first-time homebuyers of low- and moderate- income families," said Charles L. Horsey, Acting Director of the Department of Business & Industry.   The 1999C bond proceeds will be available to eligible borrowers on August 18, 1999, through one of the Division's participating lenders.

The 30-year fixed rate Nevada Housing Division mortgage loans will be offered at an interest rate of 6.66% with no discount points.  Nevada Housing Division mortgage loans are available to persons and families of low- and moderate- income who have never owned a home or who have not had an ownership interest in a principal residence within the past three years.

Eligibility requirements also includes an ability to pay the mortgage loan, credit worthiness, and job stability.  The maximum income limit for a household of one or two is $51,700 and is $59,455 for a household of three or more.  These income levels are established in accordance with federal guidelines and based upon a percentage of the statewide median income.

For those persons who qualify, the Housing Division currently has a Down Payment and Closing Cost Loan Program available for its first-time homebuyers.  To qualify, borrowers cannot have an annual income that exceeds $41,360.  The maximum loan amount for qualified applicants is $3,500 to $5,000 depending on the applicant's annual income and level of need.

 For additional information regarding the Division's Homebuyer and Down Payment Assistance Programs contact the Division's Single Family Loan Department in Carson City at 1-800-227-4960, ext. 249.

 The Nevada Department of Business & Industry’s Housing Division has reserved  over $2.2 million in annual credits statewide under Nevada’s 1999 Qualified Allocation Plan for Low Income Housing Tax Credits.  The state receives federal tax credits annually in an amount equal to 1.25 times the state’s population.

 Southern Nevada will receive credits for four projects totaling approximately $1.06 million in annual credits.

 Mike Mullin of Nevada Hand, a Las Vegas nonprofit organization, received an additional $17,843 in credits for Stewart Pines a 72-unit senior complex under construction at 1301 E. Stewart Street in Las Vegas.  Mullin will receive new credits in the amount of $482,876 for Phase III of Buena Vista Springs, a 56-unit family complex located at Morton & Helen Avenues in North Las Vegas.

HELP Las Vegas at 1501 No. Las Vegas Blvd., Las Vegas, will receive $495,000 for a 80-unit transitional housing complex while Frank Hawkins' Sunset Park Investors will receive an additional $65,692 in credits for Sunset Palms a 56-unit family project located at 1905 H Street in Las Vegas.

To receive credits, projects compete against each other to receive the highest number of preference points; thereby, winning a reservation of tax credits. The intent of the Division's Tax Credit Program is to identify affordable housing needs throughout the State and to develop a Plan to address those identified needs.

"This year over $7 million in tax credits was requested by applicants giving the tax credit fund a 3.21 to one ratio," said Charles L. Horsey, Administrator, Nevada Housing Division.  This is similar to what is experienced nationwide.  According to the National Council of State Housing Agencies, credit demand exceeds supply by three to one in most states."
 

The 30-year fixed rate mortgage loans will be offered at an interest rate of 6.20% with no discount points.  Nevada Housing Division mortgage loans are available to persons and families of low- and moderate- income who have never owned a home or who have not had an ownership interest in a principal residence within the past three years.  Eligibility requirements also includes an ability to pay the mortgage loan, credit worthiness and job stability. "The maximum income limit for eligible families has recently been increased," said Nancy Corbin, Deputy Administrator, NHD, "The income limit for households of one or two is $51,700, and is $59,455 for a household of three or more.  These income levels are established in accordance with federal guidelines and based upon a percentage of the statewide median income."

The Nevada Housing Division began its existence when it was recognized a shortage of safe, decent, and sanitary housing existed for persons and families of low- and moderate-income.  As a result, NRS 319 was passed and the Nevada Housing Division was created.  Since that time over 17,000 Nevada families have been able to achieve homeownership through the Division’s Single Family Mortgage Purchase Program.

 The Division is self-sufficient; that is, the Division’s bonds are not obligations of the State of Nevada, and the Division’s indebtedness is not repaid with any tax dollars.
 
 Additional information may be received by contacting the Division's Single Family Loan Department in Carson City at 1-800-227-4960, ext. 249.

The Department of Business and Industry Housing Division has announced the sale of bonds for its first single-family bond issue of 1999, the 1999 Series A Single Family Mortgage Purchase Program.  "This bond sale will generate approximately $28 million in funds available for Nevada's first-time homebuyers of low- and moderate-income families," said Charles L. Horsey, Acting Director of the Department of Business & Industry.  The 1999A bond proceeds will be available to eligible borrowers on February 16, 1999, through one of the Division's participating lenders.

The 30-year fixed rate Nevada Housing Division mortgage loans will be offered at an interest rate of 6.10% with no discount points.  Nevada Housing Division mortgage loans are available to persons and families of low- and moderate-income who have never owned a home or who have not had an ownership interest in a principal residence within the past three years.  Eligibility requirements also includes an ability to pay the mortgage loan, credit worthiness and job stability.  The maximum income limit for a household of one or two is $49,800 and is $57,270 for a household of three or more.  These income levels are established in accordance with federal guidelines and based upon a percentage of the statewide median income.

The Nevada Housing Division began its existence when it was recognized a shortage of safe, decent, and sanitary housing existed for persons and families of low- and moderate-income.  As a result, NRS 319 was passed and the Nevada Housing Division was created.  Since that time over 17,000 Nevada families have been able to achieve homeownership through the Division's Single Family Mortgage Purchase Program.

The Division is self-sufficient; that is, the Division's bonds are not obligations of the State of Nevada, and the Division's indebtedness is not repaid with any tax dollars.

Additional information may be received by contacting the Division's Single Family Loan Department in Carson City at 1-800-227-4960, ext. 249.

Featured speakers for the class will be George Williams, Director HUD Office of Fair Housing and Equal Opportunity, Pacific/Hawaii Region, and William Thorne, Fair Housing Compliance Administrator for the Greater Las Vegas Association of REALTORS.

The course is designed to help realtors, developers, and consumers better understand Fair Housing and how it applies to their businesses.  Topics to be covered for this 4-hour course include HUD's Perspective on Fair Housing Law and Fair Housing Risk Reduction Guidelines.

The fee for the class is $15.  In Carson City make payment to CDLT Board of REALTORS, 300 South Curry Street, Suite 3, Carson City, NV 89703.  For the Las Vegas class make payment to Community Housing Resource Board and send to the attention of Jean Norton, Nevada Housing Division, 2501 E. Sahara, Ste. 202, Las Vegas, NV 89104.  Reservations are recommended as seating is limited.  For more information call Jean Norton at 486-4124, ext. 224 or Matt Di Orio at 486-4033, ext. 231.

Financing was provided by equity investments from tax-credit purchasers, and the issuance of multi-family taxable and tax-exempt mortgage revenue bonds by the Nevada Housing Division with participation by the cities of Las Vegas and North Las Vegas in bonding authority.

Campaige Place is an $8.0 million 341- Single Room Occupancy complex to be located at 8th & Ogden Streets in Las Vegas.  The complex is targeted to serve single low- income residents who work downtown.  The monthly rental rates for the units will be from $485 to $495 a month.  The project is being developed by The Tom Hom Group of San Diego.

Cheyenne Villas is an $8.0 million 176-unit complex located at Cheyenne and Mary Dee Avenue in North Las Vegas.  The complex is targeted 100% for low-income families and will provide a recreational building, childcare center, and a mini YMCA.  The project, developed by Nevada Limited Liability Co., will provide a combination of 1, 2, and 3 bedroom size apartments with a monthly rental range of $495 to $685.

Hilltop Villas, a 113-unit family complex to be located at 601 North 13th Street in Las Vegas, will be developed by Real Property Services Corp. of Henderson.  The $4.6 million complex is targeted 100% of its units for low-income residents providing a combination of 1, 2, and 3 bedroom size apartments with a rental range of $415 to $615 a month.

Stewart Villas is a $4.6 million 114-unit family complex to be located at 2611 Stewart Street in Las Vegas.  Real Property Services Corp. is the developer.  The project will consist of 2 and 3 bedroom-units with monthly rates from $515 to $615.

All the units are targeted for completion in 1999.

Apartment projects' bonds closed

Financing was provided by equity investments from tax-credit purchasers and the issuance of multi-family housing bonds by the Nevada Housing Division, with more than half the bonds purchased by FannieMae.

The three Clark County family projects are the 236-unit Casa Sorrento Apartments at Alexander and Pecos roads;  the 272-unit South Valley Apartments at Eastern Avenue and Lake Mead Boulevard, and the 168-unit Autumn Ridge Apartments at Harmon Avenue and Lindell Road.

The 184-unit Capistrano Pines Apartments at 480 North Major Ave. in Henderson is for seniors.

Students are asked to submit their two-dimensional artwork on paper 9-by-12-inches to 12-by-18 inches in dimension. The theme of the art contest is "Where I Live". Students should express this theme by either drawing their home or a make-believe place that they would like to call home.

Entries must be submitted by November 20, via school mail to: Candy Schneider, assistant director, School-Community Partnership Program. Entries submitted should be labeled on the back with the student's name, grade level, and school and teacher's name. A panel of local artists and community officials will judge the entries.

The juried art exhibit will be on display January 4, through January 29, 1999, in the lobby of the Grant Sawyer State Office Building. An artist reception will be held Tuesday, January 5 at 5:00 p.m. for the art contest winners. The Division awards cash prizes to the 1st, 2nd, and 3rd place winners. Three students are given honorable mentioned, and thirty-five additional entries are juried into the art exhibit. All participating artists are given certificates in recognition of their work.

Each year approximately 800 children participate in the art contest. The first year's winner was Katey Wilhem, a first-grader from Lily Fong Elementary School. Last year's winner was Will Lowden, a fifth-grader from The Meadows School. Charles L. Horsey, Administrator of the Housing Division and Acting Director of the Department of Business & Industry, said this contest has been very rewarding for the Housing Division. It is a beginning to exposing children to a deeper meaning of housing whether it be single family, an apartment or big or little. You can perceive through the drawings the thought the children give to their neighborhoods and how they are influenced.

Any questions about the contest and its guidelines should be directed to Jean Norton at the Nevada Housing Division, 486-4124, ext. 224.

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Nevada Housing Division Closes Bond Issue for Spanish Hills Apartments

                                                                 -30-

The Department of Business and Industry Housing Division has announced its third offering of 1998 for the Single Family Mortgage Purchase Program. The 1998C Program will generate approximately $13 million in funds available for Nevada’s first-time single-family homebuyers.

The 1998C issue will be available beginning October 6, 1998, through one of the Division’s 50 participating lenders. "The C issue offers another attractive interest rate at 6.01%," said Charles L. Horsey, Acting Director, Department of Business & Industry.

Funds are available on a first-come, first-served basis and are available to persons who have never owned a home or who have not had an ownership interest in a principal residence within the past three years.

For more information on NHD’s loan program, contact the Division’s Loan Department in Carson City at 1-800-227-4960 or 687-4258, ext. 245.

The Nevada Department of Business and Industry Housing Division has announced the closing of two multi-family bond issues for the Reno/Sparks area. A $14.9 million bond issue was issued for the 250-unit Boulder Creek Apartments to be located at Moore Park & Clear Valley Road in Sparks. This project will make available all of its rental units to low-income Nevada residents. The Sponsor of the project is Boulder Creek Apartments Limited Partnership, a Nevada limited partnership and the general partner is Boulder Creek Partners, LLC, a California limited liability company.

The project is targeted for completion in July of 1999.

A $9.2 million bond issue was issued for Vintage Hills, a 201-unit seniors project to be located at West 7^th Street and McCarran Blvd. In Reno. The sponsors of the project are Mr. Geoff Brown of USA Properties in Roseville, California; Mr. Bob Nielson, of D.P.N. 1, Inc. of Reno, a Nevada Corporation, and Mr. Cloyd Phillips, of Community Services Agency Development Corporation of Reno, a Nevada non-profit corporation.

The Vintage Hills apartments are targeted to serve those persons whose income falls at or below 60% of median income. The current median income for Washoe County is $53,100.

For more information about NHD's multi-family programs, call 702-687-4258.