The Karuk Homes I project has received a 2015 allocation of $874,302 in federal tax credits and $3,409,157 in state tax credits from the California Tax Credit Allocation Commission (CTCAC). It will build 30 new single-family units (29 LIHTC units and one manager’s unit) on Karuk Tribal Trust Land in Yreka, CA.
The project has a mix of homes with three bedrooms at 1,918 square feet; four bedrooms at 2,004 square feet; and five bedrooms at 2,750 square feet.
Three units are targeted to households with annual incomes up to 30 percent of Area Median Household Income (AMI), eight units are targeted for households up to 40 percent AMI, twelve units are targeted for households up to 50 percent AMI, and six units are targeted for households up to 60 percent AMI.
Karuk Homes I will be Karuk Tribal Housing Authority’s (KTHA) first LIHTC project, however KTHA has extensive experience developing and managing affordable housing projects and maintains a portfolio of more than 180 affordable housing units developed in the last three decades. Additionally, in the last ten years alone, KTHA has developed five multimillion dollar community structures that serve its affordable housing units.
The project’s units are designed to meet CTCAC’s mandatory design guidelines and will incorporate several green building techniques. KTHA and the Karuk Tribe have agreed to provide services to the tenants, including adult education and wellness classes, as well as after school programs for children. Both KTHA and the Tribe have extensive experience conducting similar programs throughout the community.
At the time of the award, KTHA Executive Director Erin Hillman said: “We would like to express our thanks to the CTCAC for selecting our application for an award,” she said. “This project will have a much needed local economic impact, generating revenue from the construction project as well as creating two full-time permanent positions at KTHA. My staff and I are looking forward to getting this project underway.” Read more in the news release about the project.
Travois Design designed the homes and the included rendering (below) shows a four-bedroom home.
- Meeting happy residents and seeing beautiful homes: Karuk Homes #1
- Karuk tenant handbook: Important tips for home maintenance
- Grand opening at Karuk!
- Celebrating new homes in the rain
- Well-deserved recognition
- Native Organization: Karuk Tribe
- Asset Management Client
- Environmental Services Client
- Design and Construction Features
- Date Closed with Investor: 2015
- Date Completed:
- Development Type: New Construction
- Project Status: Under Construction
- Total Homes: 30
- Total Project Cost: $12,358,003
- Total Investor Equity: $10,874,857