The Washoe Housing Authority (WHA) reached a critical milestone for its first Low Income Housing Tax Credit (LIHTC) project, Woodfords LIHTC, just two weeks ago — it closed with an equity investor!
Investor equity has begun flowing into the project (which begins a 15-year relationship with the investor), and WHA will continue making great progress on rehabilitating 24 homes on the Washoe Tribe’s Woodfords Community in Markleeville, CA. WHA is the general contractor on the nearly $9.5 million project, and two units are already almost complete and ready for occupancy! (Pictured above: A “before” home that is waiting to be rehabbed.)
The project is also building a new 2,100-square-feet community center, which will include a large multipurpose room, communal kitchen, restrooms and outdoor patio for seasonal gatherings. The community building will be equipped with solar panels estimated to produce a minimum of 75 percent of annual common area electricity use.
I am fortunate to have been able to work with this project team, which includes Alden Torch as the equity investor. We are especially excited because it is the second tribal LIHTC project Travois has closed in California. (Read about the first project here.)
Along with investor equity from the LIHTC program, the project is also eligible for $129,547 in federal energy credits. WHA will use these funds to install solar panels on each home, which will offset tenant utility costs significantly. In addition, each home will receive upgrades to improve functionality, comfort and energy efficiency with upgraded heating and cooling systems, electrical, plumbing and appliances and additional insulation.
Travois looks forward to being involved with this project throughout the construction and compliance periods. Congratulations to the Woodfords LIHTC team!