Quechan Housing Authority (QHA), Red Cliff Chippewa Housing Authority (RCCHA) and Tohono O’odham Ki:Ki Association (TOKA) have all recently closed projects with investors for a combined $28.5 million in equity! Each of these projects received 2016 allocations of LIHTCs and were able to close before the end of the year!
Closing a LIHTC project with an equity investor takes a great deal of coordination between many parties and begins the 15-year relationship between the tribe or housing authority and the equity investor.
QHA closed its $13.5 million project with RBC Capital Markets. QHA is constructing 28 new single-family units, 8 duplexes (with 16 units total), and one new community building on the Fort Yuma-Quechan Reservation in Winterhaven, CA. With a $1,257,285 allocation of credits from the California Tax Credit Allocation Commission (CTCAC), QHA’s project is the largest tribal LIHTC project in California. Read more about the project here.
RCCHA closed its Red Cliff Rehab #2 project with Alden Capital Partners. The project will rehabilitate 38 housing units, a mix of duplexes and single-family detached homes, and will also rehabilitate the community services building that houses RCCHA’s offices. The housing authority was awarded $850,000 in credits from the Wisconsin Housing & Economic Development Authority (WHEDA). More information can be found here.
TOKA received a $890,468 credit allocation from the Arizona Department of Housing and is undertaking a 40-unit development that will rehabilitate 20 units and build 20 new homes on the Tohono O’odham Reservation in Sells, AZ. TOKA closed its second LIHTC project with The Richman Group. Read more about the project here.
We congratulate you all and look forward to the next steps in your projects — construction!