This 25-unit new construction project, located on the Lower Elwha Reservation, received an allocation from the Washington State Housing Finance Commission in 2012.
The project is the second phase of their initial tax credit project that completed construction in November 2010. The project is located within the same subdivision immediately adjacent to the first project and completes the new neighborhood. The subdivision includes a recreational area that serves residents of both projects.
The Lower Elwha Homes II project consists of 23 three-bedroom units and two four-bedroom units and is targeted to serve households with incomes at or below 30 (five units), 40 (seven units), and 60 percent (13 units) Area Median Income.
Raymond James Tax Credit Funds is the investor for this project.
At a Glance
- Native Organization: Lower Elwha Housing Authority
- Asset Management Client
- Date Closed with Investor: 2012
- Date Completed: 2013
- Development Type: New Construction
- Project Status: Complete
- Total Homes: 25
- Total Project Cost: $4,651,509
- Total Investor Equity: $4,226,086
- Total Grant Money: $150,000
