Tax-exempt bonds are loans investors make to governments or certain public entities where the interest paid is exempt from federal (and sometimes state or local) income tax. For investors, that tax break often means a lower stated interest rate can be more attractive after taxes, so you compare returns like comparing prices after a coupon—what matters is the money you actually keep, and also the issuer’s creditworthiness and changing tax rules affect the true value.
taxable bondsfinancial
Taxable bonds are debt securities issued by governments, companies, or other entities that pay interest which must be reported as taxable income to the investor. They matter to investors because the interest income is subject to federal and possibly state taxes, so the after-tax return can be lower than the headline yield; think of them like a loan you hold that pays interest similar to a paycheck, but you must pay tax on that income.
tax credit equityfinancial
An arrangement where investors provide capital to a project in exchange for government-issued tax credits that lower the investor’s future tax bill. Think of it like buying a voucher that offsets taxes owed; investors accept some project risk in return for those predictable tax savings. It matters because those credits change the after-tax return and cash needs of an investment, influence project financing, and can make otherwise costly ventures financially viable.
area median income (ami)financial
Area median income (AMI) is the midpoint of household incomes in a defined region — half of households earn more and half earn less. It’s used to determine eligibility, rent caps, and subsidy levels for affordable housing programs, so investors rely on AMI to estimate demand, potential rental income, and access to tax credits or subsidies for housing projects. Think of it as the neighborhood’s financial center line that shapes policy and market incentives.
choice neighborhoods grantregulatory
A Choice Neighborhoods grant is a competitive federal award that funds large-scale revitalization of distressed housing and surrounding neighborhoods by combining housing replacement, social services, and community improvements. It matters to investors because the grant acts like seed funding that can lower project risk, attract private capital, and change the economics of local real estate and development projects by providing public money and coordination that leverages additional investment.
See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred source · opens Google
138-unit mixed-income community expands affordable housing access in historic westside neighborhood
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced $33 million in construction financing for Marble Manor Phase I, a 138-unit, mixed-income housing redevelopment located less than two miles northwest of downtown Las Vegas, Nevada.
Rendering of Marble Manor Phase I, a 138-unit, mixed-income housing redevelopment in Las Vegas.
The financing package includes a construction loan consisting of $31 million tax-exempt bonds and $2 million taxable bonds and $19.46 million in tax-exempt permanent bonds. R4 Capital Funding is Western Alliance’s originations partner and is the construction and permanent asset manager and loan servicer for the transaction.
“Western Alliance has supported the Las Vegas community for decades, and we are proud to extend affordable housing options for local families,” said Mieke Holkeboer, Director, Affordable Housing Finance, Western Alliance Bank. “Marble Manor will deliver one- to five-bedroom rental homes across a wide range of income levels, creating stable housing opportunities in a neighborhood that continues to grow.”
Once complete, Marble Manor Phase I will consist of 138 family rental homes across five residential buildings. The unit mix includes one-, two-, three-, and four-bedroom units, plus one five-bedroom unit. Thirty units will be market rate, while 108 units will be reserved for families earning below 30% to 60% of the Area Median Income (AMI). The development will also include 3,000 feet of ground-floor retail and on-site supportive services provided by Southern Nevada Regional Housing Authority (SNRHA).
Marble Manor is being co-developed by Brinshore Development, a leading mixed-income real estate company, and Southern Nevada Regional Housing Authority (SNRHA), with construction by Metcalf Builders. Enterprise Community Partners will serve as the property’s tax credit equity syndicator, providing $21.7 million in tax credit equity.The project is also supported by a $53 million Choice Neighborhoods Grant from the U.S. Department of Housing and Urban Development (HUD).
“This project reflects continued investment in the Historic Westside and expands access to quality, attainable housing in Las Vegas,” said Philipp Smaczny, Senior Managing Director, Affordable Housing Finance, Western Alliance Bank. “We value our ongoing partnerships with Brinshore Development, the Southern Nevada Regional Housing Authority, and R4 Capital Funding, our partner on over $1.3BN of affordable housing mortgage debt to date.”
Western Alliance previously financed Brinshore Development’s Silverada Manor in Reno and the SNRHA’s Senator Joseph M. Neal Jr. Apartments in Las Vegas. Both projects are under construction, with completion anticipated in 2027. Marble Manor Phase I broke ground in April 2026.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
