Key highlights
- LHDME obtained $10.4 million through the Low-Income Housing Tax Credit program to pay for most of the project
- The project resulted in 40 rehabilitated homes, as well as a new community building and playground
- It’s the first-ever resyndication of housing tax credits by a Tribal nation, providing LHDME a new source of equity
The Laguna Housing Development and Management Enterprise (LHDME) recently celebrated the completion of a $13.6 million project to extensively renovate homes and build new community amenities.
Laguna IV, an innovative Low-Income Housing Tax Credit (LIHTC) development, included the rehabilitation of 40 affordable housing units, the construction of a new community building, and the installation of a new playground in the Pueblo of Laguna.
With Travois’ support as a LIHTC consultant and architecture firm, LHDME secured $10.4 million in investor equity from RBC Community Investments and a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas. Together, these sources covered most of the project’s cost.
“Providing homes that are more energy-efficient, hearing the positive comments about the work that was done, and knowing that community members are grateful for what was provided have been the most rewarding parts of this project,” LHDME Executive Director Jamie Navenma said.
The project marks the first-ever resyndication of housing tax credits by a Tribal nation. Under the LIHTC program, resyndication allows developers to obtain a new allocation of tax credits at the end of the property’s compliance period, effectively providing a new source of private equity.
Laguna IV is a resyndication of Laguna I, LHDME’s first LIHTC project, completed in 2005. Improvements to the two-, three-, and four-bedroom homes included:
- New flooring, windows, and doors
- Upgrades to mechanical, electrical, and plumbing systems
- Roof replacements
- Exterior stucco assembly repairs
- Increased attic insulation
As a result, the homes are more energy-efficient, lowering utility costs for Pueblo of Laguna families.
“The most rewarding part of any housing project is seeing people finally get to occupy the spaces and turn them from a house to a home,” Travois architect Kristin Holtgrew said. “With rehabilitation projects, it is seeing tenants back into their units with a renewed appreciation for the space they call home.”
Laguna IV was occupied when the project received its LIHTC allocation, prompting creative solutions by LHDME and Travois Architecture. Since only a few temporary units were available, our architects worked closely with LHDME and Pavilion Construction to schedule repairs in groups. This coordinated approach avoided the need to relocate all 40 households at once.
“While new construction creates much-needed new housing units, there is something special about being able to give meaningful updates to an existing home,” Travois project manager Erinn Roos-Brown said. “This project extended the life of homes where memories have been made for families, all while maintaining the social fabric of a tight-knit community.”