It was quite an exciting week for the White Mountain Apache Housing Authority (WMAHA). On Aug. 1, Arizona Department of Housing (ADOH) publicly announced the 2013 Low Income Housing Tax Credit (LIHTC) awards and confirmed that WMAHA will receive $759,291 in credits for its WMAHA Homes VI housing project.
Although there were more than 50 applications submitted in this year’s round, ADOH was only able to give awards to seven projects. WMAHA anticipates that this tax credit award will generate more than $5.9 million in investor equity to help finance its 46-unit project.
On the very next afternoon, Aug. 2, the Federal Home Loan Bank of San Francisco announced that WMAHA will also receive $460,000 in Affordable Housing Program (AHP) funds. WMAHA will be able to use these AHP funds toward the LIHTC project and further reduce its own funding contribution.
WMAHA Homes VI is the second phase of a larger housing development project; the first phase was completed in 2011. The project’s first phase constructed 20 new units in the Ft. Apache community and rehabilitated 20 units in the Whiteriver community.
WMAHA’s sixth tax credit project will build on the existing momentum and also consist of a combination of new construction and acquisition/rehabilitation. WMAHA Homes VI will build 23 new additional units in Ft. Apache and rehabilitate 23 additional units in Whiteriver – all within the boundaries of the Fort Apache Indian Reservation. The project will target households at or below the 60 percent, 50 percent and 40 percent Area Median Income (AMI) levels.
Travois Design & Construction Services is providing architectural designs for the new homes (shown above).
Congrats to WMAHA!