Friends in Service Helping’s student housing complex, seen in July 2023, will offer residents two-bedroom units in a gray interior on its third story, Executive Director Jim Peckham said.
Photo by Jessica Garcia.
Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, has facilitated a $7.7 million capital loan to support ongoing construction costs after Friends in Service Helping successfully raised $12.7 million of the total $17 million for its student housing initiative.
The bank also announced a donation of $15,000 to assist in the project in Carson City. The money will go directly toward the revitalization project, which aims to contribute to affordable housing and workforce development in the area.
The project comprises three buildings, including two 18-unit apartment complexes and a commercial building.
Plumas Bank understood the critical community importance of this project and was able to find a creative solution and ensure the project had the necessary funding to be completed as additional donations were raised.
“Thanks to many generous community donations, we had raised about $12.7 million for the project, but we’re unique in that FISH doesn’t rely on the government for funding,” said Jim Peckham, executive director of FISH. “Less than 1% of our budget is from the government. The community supports us, as do local foundations and businesses through donations. Plumas Bank helped us find a solution to close that funding gap and move the project forward.”
Plumas Bank was able to structure the loan based on FISH’s unique business model that leveraged existing assets through a construction loan and a line of credit.
The housing initiative targets clients seeking training in trades including single parents, Peckham told the Nevada Appeal last year. FISH will encourage men and women interested in learning skills in nursing, welding, trucking, manufacturing and other professions. The facilities in the housing’s commercial building will offer support and services, including office space and a view to North Carson Street, as well as a restaurant to accommodate tenants.
“We are thankful for Plumas Bank’s support, as well as the hundreds of other supporters, as our organization aims to help in two of the more significant issues in our region — lack of affordable housing and a lack of a skilled workforce in trade jobs,” added Peckham. “This project takes the barriers out of the way so these underemployed individuals have the opportunity to make a bigger impact for themselves, for their families and for the community at large.”
“This week, Plumas Bank celebrates its 43rd anniversary of helping local communities in our region to thrive,” said Ty Nebe, Plumas Bank senior vice president and commercial/ag loan officer serving the Sierra Region. “As a community bank, we’re absolutely committed to the communities we serve and we see the opportunity to help those potentially struggling to find a career through the amazing efforts of FISH in Carson City.”
The complex is on Carson City’s main thoroughfare and is taking over a formerly blighted motel site that was once called the Whistlestop Inn. Apartments will offer one- and two-bedroom units with gray interiors in varying sizes that range between 500 and 700 square feet and meet Americans with Disabilities Act requirements, according to Peckham.
For information, visit www.plumasbank.com.