PAHA LIHTC Homes #1 receives national honor, the 24th Annual Charles L. Edson Tax Credit Excellence Award from Affordable Housing Tax Credit Coalition

PAHA LIHTC Homes #1 received the award for excellence in Rural Housing at the 24th Annual Charles L. Edson Tax Credit Excellence Awards (Edson Awards) by the Affordable Housing Tax Credit Coalition in Washington, D.C. on Wed., June 13, 2018.

The Edson Awards take place each year on Capitol Hill, bringing together members of Congress, business and nonprofit leaders to honor Low-Income Housing Tax Credit (Housing Credit) developments that are strengthening communities, improving health and boosting the economy in urban, suburban and rural areas nationwide.

“We convene each year to shine a spotlight on excellence in the affordable housing industry,” said Michael Gaber, President of the Affordable Housing Tax Credit Coalition. “The Edson Awards honor the developments that take every opportunity to make innovative use of the Low-Income Housing Tax Credit as a tool for public and private collaboration, investment and community revitalization.”

Providing 30 affordable rental homes to local families and people with special needs, the property — developed by The Pueblo of Acoma Housing Authority (PAHA) — is designed to evoke nearby Sky City. Sky City is the Pueblo’s original village (c. 1150 A.D.) and North America’s longest continually inhabited community. Outdoor spaces located on roofs and other horizontal surfaces created by the dwellings themselves are intended to foster gatherings for the residents and a sense of community rooted in shared history and culture.

“The Edson Awards honor developments that harness the Housing Credit to strengthen America’s communities and provide homes that transform the lives of low-income families, veterans, seniors and people with special needs,” said Emily Cadik, Executive Director of the Affordable Housing Tax Credit Coalition. “The winners honored today exemplify why the Housing Credit is smart policy, and why Congress should expand and strengthen this proven tool.”

The Housing Credit was created as part of the Tax Reform Act of 1986, and today is widely regarded as the nation’s most successful housing production tool. The Housing Credit has financed more than 3 million affordable apartments through public-private partnerships, and supports 96,000 jobs each year, mostly in the small-business sector. It has earned strong bipartisan support, and was recently preserved in the Tax Cuts and Jobs Act of 2017, and expanded and strengthened in the omnibus spending bill for fiscal year 2018. The broadly-supported Affordable Housing Credit Improvement Act would further expand and strengthen the program.

Since it was signed into law by President Reagan, the Housing Credit has financed three million homes across the country, including 24,000 in New Mexico. These homes have provided a stable foundation of opportunity to 55,000 New Mexico families, and their development has created 27,000 jobs, generated $2.5 billion in income, and $1 billion in tax revenues, which are reinvested in communities statewide.

Residents of PAHA LIHTC Homes #1 have free access to services including quarterly financial literacy trainings, workforce training, and homeownership education, all of which are available at the on-site community center. The development includes a community building, picnic pavilion, bike and walking path, playground, open recreation space and a full-court basketball court – and incorporates green building techniques. PAHA LIHTC Homes #1 is also expected to receive certification from Enterprise Green Communities, the first national framework for developing and operating green affordable homes.

“Native American communities, like many rural areas across the nation, are in dire need of safe and affordable housing options,” said Congressman Steve Pearce. “The Pueblo of Acoma’s Housing Authority has been a leader in New Mexico and nationally in innovative and creative methods to fill the Pueblo’s housing need. PAHA’s use of a Low-Income Housing Tax Credit allowed the Pueblo to develop housing for those in the community who are in greatest need, while also recognizing their history and heritage by creating a project that honors the Pueblo’s original city. I congratulate the Pueblo of Acoma, the Housing Authority, and all its partners on this well-deserved recognition.”

Funding for the townhomes and amenities was primarily provided through the Housing Credit, with an award from the New Mexico Mortgage Finance Authority. PAHA was the developer of the property. Development partners include Travois (consultant and architect), Raymond James Tax Credit Funds (investor) and Pavilion Construction (general contractor).

“Receiving the Edson Award is further validation of the importance we at PAHA placed on design, of incorporating the aesthetics of the Pueblo architecture to create spaces to enhance community and tighten the social fabric,” said PAHA Executive Director Floyd Tortalita. “The Housing Credit enabled us to leverage our resources to create a development that provides a foundation on which we are building to increase opportunity and strengthen the social and economic health of our community.”

“We congratulate PAHA on their well-deserved Edson Award,” said Elizabeth Glynn, CEO, Travois. “In addition to rural and urban communities, the Low Income Housing Tax Credit helps tribal communities to build desperately needed housing, where traditional financing is especially challenging. PAHA staff and our team of architects worked hard to make their vision a reality with this development.”

About the Affordable Housing Tax Credit Coalition

Founded in 1988, AHTCC is a trade organization of housing professionals who advocate for affordable rental housing financed using the Low-Income Housing Tax Credit (Housing Credit).  Our for-profit and non-profit members—including syndicators, investors, lenders, developers, legal and accounting professionals and state allocating agencies—seek to preserve, expand and improve the Housing Credit and complementary programs through legislative outreach and education. The Coalition, a nonprofit corporation chartered under the laws of the District of Columbia, is governed by an elected Board of Directors.

Please visit www.taxcreditcoailtion.org for more information about the Affordable Housing Tax Credit Coalition.

About the Low-Income Housing Tax Credit 

The Housing Credit was created as part of the Tax Reform Act of 1986, and today is widely regarded as the nation’s most successful housing production program. The Housing Credit has financed more than 3 million affordable apartments through public-private partnerships, and supports 96,000 jobs each year, mostly in the small-business sector. It has earned strong bipartisan support, and was recently preserved in the Tax Cuts and Jobs Act of 2017, and expanded and strengthened in the omnibus spending bill for fiscal year 2018. The broadly-supported Affordable Housing Credit Improvement Act would further expand and strengthen the program.

About the Charles L. Edson Tax Credit Excellence Awards

Given annually by the Affordable Housing Tax Credit Coalition, The Edson Awards are named for Charles L. Edson, an affordable housing luminary who was Transition Director for the U.S. Department of Housing and Urban Development (HUD) on President Carter’s Transition Staff. Mr. Edson served in the Office of the General Counsel at HUD and served as Co-Editor-in-Chief of Housing and Development Reporter for nearly 40 years. He is a founding partner of the law firm Lane and Edson, and was later a partner of Nixon Peabody LLP.

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