The Arizona Department of Housing (ADOH) recently announced the 2012 Low Income Housing Tax Credit (LIHTC) award recipients. Two tribal projects received awards — San Carlos Homes 6 and Pascua Yaqui Homes 4. In a round that included 31 applicants, the San Carlos Housing Authority and the Pascua Yaqui Tribe were two of the 18 award recipients.
San Carlos’ project received $794,712 in credits and will rehabilitate 25 low-rent units and construct an additional 16 new units. Included in the construction will be a 1,280-square-foot community building and basketball court. The target population will be residents of the San Carlos Apache Reservation and will aim to serve families at the 40, 50 and 60 percent Area Median Income (AMI) levels.
The Pascua Yaqui project will rehabilitate 40 low-rent units within the reservation boundaries in Tucson, Ariz., and will target households with incomes at the 40, 50 and 60 percent AMI levels. The project was awarded $547,342 in credits and is anticipated to generate $4.5 million (or more) in investor equity.
Both projects are targeting a quick closing with an investor and are aiming to commence construction no later than October 1, 2012 with completion no later than October 1, 2013!