Within two weeks of each other, two separate tribally-developed Low Income Housing Tax Credit (LIHTC) projects closed with their respective equity investors. The projected development cost of these two projects totals more than $13 million and will provide 65 new and rehabilitated homes to tribal families.
The first to close was Spokane Tribal Homes II, developed by the Spokane Indian Housing Authority (SIHA). This project’s investor, RBC Capital Markets is slated to provide $7,341,686 in equity to the project, which consists of 20 new units and 20 rehab units. The homes are situated within three communities on the reservation — Wellpinit, Ford and Fruitland. After receiving an allocation of credits in 2011, SIHA is now finally able to commence construction after securing Title VI financing through Bank of America and the U.S. Department of Housing and Urban Development.
The second project, Lower Elwha Homes II, is being developed by Lower Elwha Housing Authority (LEHA). Raymond James Tax Credit Funds is the investor, providing approximately $4.2 million in equity on this transaction. The project is targeted for completion by March 1, 2013, and consists of 25 total units (23 three- bedroom and two four-bedroom units) and a community playground.
For both SIHA and LEHA, these projects represent their second go-around with the LIHTC program. SIHA completed their first LIHTC project in 2004 and included of 25 new construction units. LEHA’s first LIHTC project was completed in 2010.
Travois would like to congratulate Lorrie Ellsworth (SIHA) and John Williamson (LEHA) for their work as directors of their respective housing authorities. We look forward to seeing the completed units!