Reno Agency Approved Funding for Housing Project
The city approved $3.1 million in tax increment financing to help build 107 workforce housing units.
Updated on Sept. 25, 2026 in Remote Work
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Families and workers looking for housing in Reno will see 107 new units move forward after the Reno Redevelopment Agency Board approved a funding deal this week. The project, located at 521 Lake Street, secured $3.1 million in tax increment financing to assist with construction.
Why it matters
This financing aims to bolster the supply of workforce housing in the city, an ongoing priority as Reno continues to manage its growth. The project represents a significant portion of the $23.9 million estimated development cost required to bring these residential units to the downtown area.
The Reno Redevelopment Agency Board approved $3.1 million in tax increment financing for a 107-unit project. This supports a total estimated development cost of $23.9 million, with the specific start date for building operations still to be determined.
The players
Reno Redevelopment Agency Board
The local board responsible for approving tax increment financing for urban development projects.
Coldwater Capital
The developer managing the housing project located on Lake Street.
The details
The Reno Redevelopment Agency Board approved the use of property tax revenue generated within Redevelopment Area 2 to provide the developer, Coldwater Capital, with reimbursement. The board held a session to review the proposal before moving to the final vote. This project will transform the site at 521 Lake Street into workforce residential units intended to serve local needs.
Timeline
September 23, 2026: The Reno Redevelopment Agency Board approved the financing.
The Truckee Meadows View
This project follows the established pattern of using tax increment financing in Reno to incentivize private development in designated redevelopment districts. It reflects how the city continues to utilize specific financial tools to address housing supply challenges in older corridors.
Residents near the 521 Lake Street area can expect future construction activity at the site as the developer moves toward building these 107 units. The project relies on future property tax revenue generated by the site to back the city's $3.1 million investment.
The takeaway
This project represents a major investment in downtown housing density through the use of municipal tax incentives. Neighbors should monitor future permit filings to see when site work begins at the Lake Street location.
Further reading
For more on how local development projects impact the city, see Remote Work.
Source note: This article includes information reported by This Is Reno.
Live Poll
Should local governments use tax funds to subsidize private workforce housing developments in your area?
