Travois tops $20 million in AHP funds for clients with three more awards in the last month

Lac Courte Oreilles home

Three Travois clients — the Red Lake Reservation Housing Authority of Red Lake, Minn., the Lac Courte Oreilles Housing Authority of Hayward, Wis., and the Red Cliff Chippewa Housing Authority of Bayfield, Wis. — recently received a total of $974,000 in Affordable Housing Program grants for a combined 109 new or rehabilitated homes in their tribal communities.

With these awards, Travois has now raised more than $20 million in AHP funds through 52 successful applications, assisting 28 American Indian tribes with grant funding for new or rehabilitated homes.

“We are thrilled our clients will get an extra boost for their housing developments and applaud the Federal Home Loan Bank system for recognizing the great need in Indian Country,” said Bryan Schuler, Travois vice president for housing development. “These funds help fill the gaps between the project costs and the investor equity generated through tax credit programs. AHP funds help tribal housing authorities to provide more and better housing to alleviate homelessness, overcrowding and the substandard living conditions that are all too common on reservations across the country.”

A summary of the recent awards:

Tribal project name AHP award No. of units Sponsoring bank FHLB district
Red Lake Homeownership Initiative $450,000 45 First National Bank of Bemidji Federal Home Loan Bank of Des Moines
Lac Courte Oreilles Homes III $204,000 24 Chippewa Valley Bank Federal Home Loan Bank of Chicago
Red Cliff Rehab I $320,000 40 Chippewa Valley Bank Federal Home Loan Bank of Chicago

 

The Red Lake Reservation Housing Authority will put its $450,000 award toward the first phase of its Homeownership Initiative Project that will create 45 new three-bedroom homes to be sold at a price affordable to low-income families. At least nine units will be sold to households identified as homeless, and another nine units will be sold to households with special needs. All units will be handicap accessible, will have energy-efficient lighting, appliances and systems, and each will have a landscaped yard.

The Lac Courte Oreilles Housing Authority will use its $204,000 to help rehabilitate 24 single-family homes that were constructed between 1978 and 1981 and include three, four or five bedrooms. As part of the renovations, all units will receive new insulation, new efficient heating and air conditioning systems, new and upgraded plumbing and electrical systems and completely new kitchens and bathrooms. Each unit has its own detached two-car garage; the inside of each unit will also have an oven, clothes washer/dryer hookups, ceiling fan(s), refrigerator, hard surface vinyl flooring and gas heat. This project will be funded primarily with investor equity generated through the Low Income Housing Tax Credit program.

The Red Cliff Chippewa Housing Authority’s project will rehabilitate 40 homes and three community playgrounds on the Red Cliff Indian Reservation. The homes are a mix of single-family and duplex units that were originally constructed between 1967 and 1984.  After rehab, each unit will have at least a one-car garage and a patio; the inside of each unit will also include an oven, refrigerator, dishwasher, microwave, clothes washer and dryer, and hard surface vinyl flooring. As part of the renovations, all units will receive new insulation, new efficient heating and air conditioning systems, new and upgraded plumbing and electrical systems, new driveways, new windows and roofs and completely new kitchens. This project will be funded primarily with investor equity generated through the Low Income Housing Tax Credit program.

The Affordable Housing Program is a competitive program that provides grants and subsidized loans to support affordable rental housing and homeownership opportunities. Member banks partner with developers or community organizations to finance the purchase, construction or rehabilitation of low-income or moderate-income housing. AHP funds can be used in combination with other programs and funding sources, including the LIHTC program and the Native American Assistance and Self-Determination Act (NAHASDA). For more information about AHP, visit the Federal Home Loan Bank of Des Moines or Chicago.

View a summary of awards from the Federal Home Loan Bank of Des Moines here.

View a summary of awards from the Federal Home Loan Bank of Chicago here.

(The featured photo is from Lac Courte Oreilles Housing Authority’s second LIHTC project.)

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