CU on a Mission to Make Housing Affordable

Nevada has long been a relatively affordable place to live and retire, but the affordability winds have shifted and the cost of living has skyrocketed to nearly 10% higher than the national average, making many Nevada cities some of the most expensive to live in the country.

According to national statistics, state residences on average pay almost $400 per month for utilities as wages in Nevada have not increased as rapidly as other areas in the country. Because of these and other economic factors going in the wrong direction, the Reno, Nev.-based Great Basin Federal Credit Union ($281 million in assets, 22,849 members) decided to get involved in an affordable housing grant program funded through the Federal Home Loan Bank of San Francisco (FHLBSF) to do what it can to help “improve Nevada’s critical shortage of affordable housing.”

In a statement on Tuesday, Great Basin officials said the credit union received its first Affordable Housing Program (AHP) grant from the FHLBSF and has partnered with the American Covenant Senior Housing Foundation to provide affordable and sustainable housing for seniors, veterans, families and the homeless.

“The affordability crisis, whether in urban or rural Nevada, impacts all of our families, friends and neighbors,” Jennifer Denoo, president/CEO of Great Basin, said. “As a proud and active member of FHL Bank of San Francisco, Great Basin FCU is honored to receive this AHP award.”

According to the credit union, the grant money will allow Great Basin and the American Covenant Senior Housing to partner to restore 24 units at a housing community in Lovelock, Nev., which will result in upgraded one-, two- and three-bedroom units for “very low to low-income households.”

In all, according to Great Basin, the full grant amount of $9.4 million distributed to the state will fund nine affordable housing projects in rural, urban and tribal areas across Nevada.