The state Board of Finance on Tuesday approved selling $90 million in bonds to build a 584 unit apartment complex in upscale south Reno.
The complex would be built along the Mount Rose Highway and offer 117 of the units — 20 percent — to low income families making $27,000 a year or less. They would pay $715 a month for a two bedroom, two bath apartment.
Other similar units in the complex would go for $1,590 a month.
The complex called Summit Sierra would also feature solar power to the apartment units.
There’s a sports complex nearby but Gov. Brian Sandoval questioned how children would safely cross the road to get there. He said he would talk to Department of Transportation officials about a possible bridge or tunnel crossing the highway.
Developers Robert Klein and Chip Bowling said with more jobs available in the Reno-Sparks area, there’s a growing need for more housing.
They said there would be no debt assessed to the state for the project.