In 2008, the Fort Peck Housing Authority (FPHA) was unsuccessful in its attempt to receive an allocation of Low Income Housing Tax Credits (LIHTCs) for a 23-unit rehabilitation project. In 2011, however, the housing authority’s fortune changed, and it was successful in receiving an award of $614,401 in LIHTCs from the Montana Board of Housing (MBOH) for the construction of 24 new homes — 12 located in Wolf Point, Mont. and 12 located in Poplar, Mont.
This change of fortune can be attributed to FPHA staff members’ persistence and determination to succeed. In our industry, hard work does indeed pay off, and we commend FPHA for continuing to pursue LIHTCs.
Last Friday, April 20, FPHA’s project closed with its equity investor, RBC Capital Markets. The new project is named Fort Peck Homes II. With both parties signing the closing documents, FPHA was able to issue the full notice to begin construction to Pacific West Construction on April 24. This is FPHA’s second tax credit project. The first, Fort Peck Homes I, received an award of credits in 2007 to rehabilitate 23 units in Brockton and Wolf Point.
The units for Fort Peck Homes II were designed by Travois Design & Construction Services. Each home will be highly energy efficient. They will include passive solar design, metal roofing, Energy Star windows, appliances and lighting, and a number of other green features such as the “Ideal Wall System.”
I want to congratulate all parties involved in this closing. This includes the housing authority staff, the investor, the attorneys, the contractor, the architect, the surveyors (our own Travois Environmental Services) and many others who made significant contributions behind the scenes.
Way to go!