Pascua Yaqui Homes V received a 2014 allocation of $277,839 in Low Income Housing Tax Credits (LIHTCs) from the Arizona Department of Housing (ADOH) to construct four new five-plex buildings (20 total units) set aside for tribal elders 55 years and older on the Pascua Yaqui Reservation in Tucson, AZ. The project has 12 one-bedroom, 880-square-foot units and eight two-bedroom units with 1,148 square feet.
Six units are targeted to households with annual incomes up to 40 percent of Area Median Household Income (AMI), eight units are targeted for households up to 50 percent AMI, and six units are targeted for households up to 60 percent AMI.
The project is the Pascua Yaqui Tribe’s fourth LIHTC project: Pascua Yaqui Homes I rehabilitated 20 housing units and built 20 new housing units and a small community facility/maintenance building with a 2010 allocation of credits. The tribe used a 2011 allocation to rehabilitate an additional 30 units and build 26 more units in the Pascua Yaqui Homes II project. With the allocation of credits it received in 2013 for Pascua Yaqui Homes IV, the tribe rehabilitated another 40 units on the reservation.
Travois Design & Construction Services completed a Phase I Environmental Site Assessment for this project.
RBC Capital Markets is the investor for this project.
At a Glance
- Native Organization: Pascua Yaqui Tribe
- Asset Management Client
- Environmental Services Client
- Date Closed with Investor: 2014
- Date Completed: 2016
- Development Type: New Construction
- Project Status: Complete
- Total Homes: 20
- Total Project Cost: $3,217,221
- Total Investor Equity: $2,287,774
