The Community Development Financial Institutions Fund of the U.S. Department of the Treasury announced Capital Magnet Fund awards last week, and the San Carlos Apache Housing Authority (SCAHA) of Peridot, Ariz., received a $1 million grant.
Travois helped SCAHA with the successful application for the highly competitive awards; the CDFI Fund received 230 applications and awarded funds to only 23.
“We congratulate the SCAHA staff on this award and their continued hard work on behalf of their tribal citizens,” said David Bland, chairman of Travois. “Using the grant to leverage investor funds from the Low Income Housing Tax Credit program will allow SCAHA to raise about $10 million in equity for new and rehabilitated homes that it otherwise would have struggled to find.”
SCAHA will use the grant for pre-development and construction of two future Low Income Housing Tax Credit developments, which are planned to rehabilitate 50 homes and build 25 others. One hundred percent of the units in projects proposed as part of the application are in census tracts determined to have high housing needs and are located in underserved rural areas, as defined by the CDFI. The homes will be reserved for extremely low income and very low income households. The housing authority manages more than 2,500 units, including 170 developed through the LIHTC program.
For the CDFI Fund’s report on the awards, click here.
The Capital Magnet Fund awards grants for the preservation, rehabilitation or purchase of affordable housing for low income communities and the development of physical structures for businesses and community service facilities, provided that these activities are part of a strategy for community revitalization that includes affordable housing activities.
The Capital Magnet Fund was established in 2008 through the Housing and Economic Recovery Act, opened in 2010 and awarded $80 million in grants this round. Congress has not yet been reauthorized the fund for 2011, but Travois is hopeful that it could be reauthorized in the future, possibly in 2012.
For more information, contact David Bland, Travois chairman, at email@example.com or 816-994-8970.